PHL shares trade flat post-SONA

Philippine shares closed flat in directionless trading on Tuesday, a day after President Rodrigo Duterte’s fourth State of the Nation Address (SONA), as most local investors opted to take a neutral stance.

The bellwether PSEi gained 4.63 points or 0.06% to 8,251.46 at the closing bell. The broader All Shares shed 3.72 points or 0.07% to 4,990.95.

“The main index ended the day flat on average volumes, with most trading done by foreign investors a day after the President gives his State of the Nation Address (SONA),” AAA Equities head of research Chris Mangun said.

Foreign funds bought P4.096 billion shares and sold P4.051 billion for a net buying position of P45.641 million.

“Trading volumes were average again today...” Mangun said. “We did not see much action today with most blue chips ending flat.”

More than 1.449 billion shares valued at P6.721 billion, changed hands. Decliners led advancers, 103 to 88, and 57 issues were unchanged.

“We are hoping that investors gain more confidence and buy back into the market as more companies put out second quarter earnings. We may see more action toward the end of the week,” Mangun said. —VDS, GMA News