PSEi ends flat as weak sentiment caps bargain-hunting
THE PSEi closed nearly flat at 6,277.87 on Wednesday, as bargain-hunting was tempered by weak investor sentiment and lack of fresh catalysts.
Photo courtesy of Philippine Stock Exchange Inc.
The Philippine Stock Exchange index (PSEi) closed almost unchanged on Wednesday at 6,277.87, as bargain-hunting lost steam amid persistent caution and the absence of fresh market catalysts.
The main index traded mostly in the green after two straight days of decline but gains fizzled toward the close. Turnover remained subdued, with net value at P5.42 billion – below the year-to-date average of P5.94 billion – reflecting weak investor conviction.
Foreign investors were net buyers, posting inflows worth P161.83 million.
Sectoral performance was mixed. Services led the gainers with a 1.65-percent rise, while mining and oil weighed on the market, shedding 1.64 percent. Market breadth was negative as decliners outnumbered advancers, 110 to 86.
In the currency market, the peso firmed to 56.96 against the US dollar from the previous day’s 57.10, data from the Bankers Association of the Philippines showed.