PSEi ends flat on lack of new leads

Philippine stock prices closed flat to slightly lower Monday on a lack of fresh catalyst as the US gains the propelled Asian markets higher failed to rouse local investors and sustain the advance during the opening session. 

 

The benchmark PSEi was down by 4.49 points or 0.06 percent to 7,275.38 at the close.

 

The broader all shares index declined by 6.37 points or 0.14 percent to 4,489.84.

 

Most indices were in the red except for services and property which added 0.27 percent and 0.3 percent, respectively.

 

Total volume reached 1.21 billion valued at P8.72 billion. Losers edged out gainers 83 to 68 while 45 stocks were unchanged.

 

"The market ended flat. Some moments were in the green and the red on lack of new leads," Krizia Syquiatco, analyst at Papa Securities Corp., told GMA News Online. 

 

She added that "investors are just waiting on the sidelines" pending the announcement of first quarter GDP growth data. 

 

"Until there's a new market moving catalyst, investors will continue to stay on the sidelines until May 31," Syquiatco said.

 

Socioeconomic Planning Secretary Arsenio Balisacan earlier said the economy is expected to grow within the government’s target of 6 to 7 percent. 

 

Output for the first and fourth quarter last year hit 6.4 percent and 6.8 percent, respectively, while the full-year output was at 6.6 percent. — VS, GMA News