PHL share prices trade sideways on lack of market-moving news

Philippine share prices closed the morning trade on a sideways note in the absence of fresh catalyst.

 

The main PSEi increased by 14.84 points or 0.21 percent to 7,232.18 as of the noon break. The broader All Shares index went up by 6.06 points or 0.14 percent to 4,252.02.

 

The market is trading sideways on lack of market-moving news, according to Ju-ann Parayno, institutional specialist for Angping & Associates Securities Inc.

 

She, however, noted a technical rebound in BDO Unibank Inc., GT Capital Holdings Inc., and Ayala Land Inc. helped the PSEi notch 14.84 points.

 

"Nag-post ng technical bounce ang BDO, GT Capital, and Ayala from its correction last week," Parayno told GMA News Online. 

 

She said trading is sideways even if the market is up by 0.21 percent due to the light volume of less than 2 billion shares changing hands during the morning session

 

Parayno noted investors may use the situation as an excuse to go on profit taking. – VS, GMA News