PSEi barely moves in indecisive trade

Manila, Philippines – The Philippine Stock Exchange index (PSEi) hardly budged on Thursday in tepid trade marked by bets ahead of the third quarter earnings season, only to wrap up the session with last-minute profit taking.

Investors still reeling from the blow of the corruption scandal stayed on the sidelines after three days of gains that allowed the PSEi to steer clear of the shaky 6,000 support.

Thursday’s loss only reinforced beliefs the rally from Monday ‘til midweek had no legs.

The main index ended Thursday’s session shedding a tad 0.01 percent at 6,093.67.

“The local market inched down amid a last-minute profit taking. Investors booked gains following a three-day rally which got extended in the middle of today’s trading,” brokerage house PhilStocks Financial said in a note.

Shares that changed hands reached just a little over P4 billion, “reflecting weak market confidence amid lingering concerns including the Philippines’ corruption issues and their impact on local economic growth, and renewed US-China trade tensions,” it said.

Foreigners dumped shares, with net outflows at P148.75 million.

The six sub-sectors were a mixed bag. Conglomerates ended in the green, led by San Miguel Corporation [PSE: SMC] whose shares rallied 5.87 percent to P60.40 apiece.

Monde Nissin Corporation [PSE: MONDE] was a laggard, skidding 3.47 percent to P7.24 per share.