Philippine shares move sideways on cautious trade

Philippine share prices traded sideways to end flat on Wednesday in the absence of market-moving catalysts as investors remain cautious on the economy’s recovery.

The bellwether PSEi shed 1.56 points or 0.03% to 5,892.72 at the closing bell. The broader All Shares gained 1.21 points or 0.03% to 3,545.14.

“The PSEi ended flat, almost unchanged as trading volumes on blue chips remain thin,” AAA Equities head of research Chris Mangun said.

“The general sentiment remains cautious despite the daily improvement in economic activity. There is some concern that without additional mobility, with the easing of restrictions on public transportation as well as reopening of tourism focused industries, economic activity may be at its peak,” Mangun said.

More than 1.470 billion shares valued at P4.45 billion, changed hands. Advancers led decliners, 92 to 90, and 56 issues were unchanged. — BM, GMA News