Philippine shares trade sideways on investors’ wait-and-see mode

Philippine share prices closed in the green, albeit flat on Tuesday as investors continue to weigh risks in further entering the market.

The benchmark PSEi gained 41.09 points or 0.59% to 6,959.14 at the closing bell. The broader All Shares increased by 30.37 points or 0.75% to 4,103.74.

“The PSEi ended slightly higher, mainly flat as the market has been displaying sideways movement in the last few days,” AAA Equities head of head of research Chris Mangun said.

“This tells us that investors are currently uncertain on whether the market should continue higher or start retreating. Perhaps investors are waiting to gauge how strong business activity will pick up in the coming weeks as the Christmas season approaches,” Mangun said.

Foreigners are net sellers at 723.78 million as they sold P4.584 billion worth of shares against P3.86 billion they bought during the session.

More than 2.487 billion shares valued at P10.251 billion, changed hands. Advancers led decliners, 126 to 98, and 41 issues were unchanged.

“Trading volumes remain high due to the improved sentiment,” Mangun said.—LDF, GMA News