PHL shares trade flat as nCoV scare keeps investors cautious

Share prices on the Philippine Stock Exchange closed in the green on Tuesday, albeit relatively flat as investors stayed on the sidelines amid worries over the impact of the novel coronavirus.

The main PSEi gained 8.54 points or 0.12% to 7,439.40 at the closing bell. The broader All Shares increased by 6.84 points or 0.16% to 4,390.05.

“The general investor sentiment remains anxious as investors anticipate the effects of the disease on our economy,” AAA Equities head of research Chris Mangun said.

Mangun said the PSEi’s rally towards the close of the session was due to bargain hunting after stocks traded lower earlier in the day.

“The PSEi ended almost unchanged from yesterday as we saw a balance of buyers and sellers. We could say that today was the calmest day of blue-chip trading in the last two weeks,” he said.

“We may see it go lower toward the 7,200 support level in the coming days as investors assess the situation,” he added.

More than 1.297 billion shares valued at P4.481 billion, changed hands. Advancers led decliners, 91 to 89, and 55 issues were unchanged. — BM, GMA News