PSEi trades flat as investors remain cautious on Philippine economic recovery

Philippine shares closed flat on Thursday but in the red territory as investor sentiment remains on a cautious stance while market players await developments on the economy amid the COVID-19 pandemic.

The benchmark PSEi lost 3.10 points or 0.05% t0 5,943.52 at the closing bell. The broader All Shares shed 3.18 points or 0.09% to 3,562.63.

“Investors continue to take a cautious stance on equities while monitoring the pace of the economy's recovery,” AAA Equities head of research Chris Mangun said.

“We firmly believe that the market is on a path higher as long as economic activity continues to pick up and we do not see any unpleasant surprises,” Mangun said.

For his part, Philstocks Financial equity analyst took note of the net foreign selling at more than P1 billion, indicating that foreigners remain cautious on positioning in the local market.

Foreign funds bought P3.096 billion shares and sold P4.264 billion for a net selling position of P1.168 billion.

More than 952.32 million shares valued at P6.012 billion, changed hands. Decliners led advancers, 106 to 78, and 58 issues were unchanged. — BM, GMA News