Stocks end flat, hold above 8,000

Share prices ended flat yesterday but managed to hold above the 8,000 level after the market took a breather on Tuesday because of the cancellation of trading, analysts said.

The PSEi edged up 4.57 points, or 0.05 percent, to settle at 8,053.88 but the broader All Shares gauge failed to hold, ending in the red at 4,776.35, down 2.26 points or 0.04 percent.

The counters were a mixed bag with the financials, industrial, mining and oil and property indexes closing higher.

Total value turnover was high at P12.88 billion. Market breadth was positive, 108 to 96 while 45 issues were left unchanged.

Traders said the local stock market took the cue from Wall Street’s rise — the S&P 500 ticked up 0.3 percent on Tuesday to its highest close at 2,496, while the Nasdaq Composite and the Dow Jones Industrial Average each also rose 0.3 percent as market investors calmed down over the economic damage from Hurricane Irma.

”Local shares continued on their ascent albeit minimal as US stocks rose to all-time highs on Tuesday as financials received a boost from rising yields. However price action was tempered somewhat by selling pressure in tech issues. Wall Street also digested comments from Treasury Secretary Steven Mnuchin on tax reform,” said Luis Limlingan, managing director at Regina Capital.

Meanwhile, the dollar inched 0.1 percent lower on the day to 110.11 yen but remained well above last Friday’s 10-month low of 107.32 plumbed when Hurricane Irma loomed and investors braced for the possibility of another missile or nuclear test to mark North Korea’s founding day on Sept. 9.