PSEi nearly unchanged on lack of market catalyst

Share prices on the Philippine Stock Exchange barely moved on Monday given the absence of market-moving news.

The benchmark PSEi dropped 0.88 points or 0.01 percent to 7,054.86 at the closing bell. The broader All Shares, meanwhile, rose 3.95 or 0.1 percent to 4,059.37.

“There is no strong market catalyst for the PSEi to follow the up-move of Dow Jones,” said Ju-ann Parayno of Angping and Associates Securities Inc.’s Institutional Sales.

"Investors took profits as the PSEi traverses near the 7,100 resistance level,” Parayno added.
The main index ranged from 7,029.53 to 7,076.60 during the session, which saw 1.07 billion issues worth P5.45 billion exchange hands. Decliners led advancers, 95 to 89, while 30 stocks were unchanged.

"Whatever movement that is happening is just normal and expected as to where the trend is currently headed,” registered financial planner and stock trader Marvin Germo said. -NB, GMA News