Stocks flat as blue chips take break

After flirting with the bull market on Wednesday, the Philippine Stock Exchange index (PSEi) ended flat yesterday and was up by just 41.85 points, or 0.51 percent, to end at 8,100.30.

Likewise, the broader All Shares index was up 13.09 points, or 0.26 percent, to print 4,906.57.

Most of the sectors finished in the green except for the industrial and services gauges which were in the red.

Total value turnover, meanwhile, hit P7.418 billion. Market breadth was negative, 115 to 96 while 47 issues were left unchanged.

The Bangko Sentral ng Pilipinas (BSP), meanwhile, kept policy rates steady yesterday even as some investors are already hoping for a rate cut.

Christopher Mangun of Eagle Equities gave this comment on yesterday’s session: “The PSE continues to trade sideways ending the day flat, up half a percent right at the 8,100 level. Second-liners are still in the spotlight as blue chips take a break.”

“In the last few weeks, we have noticed that foreign investors continue to buy into the market regardless if its closing higher or lower for the day. Foreign net- buying was P610 million. We got the closing above 8,100 sooner than I expected,” Mangun said.

He said that from a technical standpoint, the market is extremely healthy.