Phl shares trade sideways on lack of leads

Philippine share prices traded sideways to a soft note on Friday in the absence of market-moving news on the domestic front while developments overseas drove investors to the sidelines.

The benchmark PSEi slipped by 5.02 points or 0.07 percent to 7,647.51 at the closing bell. The broader All Shares gained 7.32 points or 0.16 percent to 4,654.67.

“This is a flattish movement on lack of marketmoving catalysts,” First Grade Finance Inc. president and managing director Astro del Castillo said.

Del Castillo noted that investors remain wary about a possible interest rate hike by the US Federal Reserve when it meets next month.

The scrapping of a key summit between US and North Korea and a depreciating peso contributed to the market’s cautious stance, he said.

Foreign funds bought P2.783 billion shares and sold P3.051 billion during the session, for a net selling position of P267.812 million.

More than 604.761 million shares valued at P5.096 billion, changed hands, In the broader market, advancers led decliners, 95 to 92, and 56 issues were unchanged.

Week-on-week, the PSEi lost 24.77 points or 0.32 percent from 7,672.28 on May 18. The main index shed 1,076.62 points or 12.34 percent from 8,724.13 on Jan. 3, the first trading day of 2018.