PSEi little changed ahead of earnings season

Manila, Philippines – The Philippine Stock Exchange index (PSEi) began the week little changed ahead of the end-quarter earnings season.

The main index edged lower to close Monday’s session at 6,084.07, giving up 0.09 percent.

Four out of six counters ended in the red.

Retailer Puregold Price Club lost as much as 5 percent, while water concessionaire Manila Water shed over 2 percent. Power distributor Meralco was among the most actively traded, ending in the green, with a 2.3 percent gain.

Monday marked the third session in a row when the market moved sideways in sluggish trade that saw less-than-average P4 billion worth of shares changing hands.

“The market remained cautious ahead of the earnings season,” brokerage house Regina Capital said in a note to investors.

“However, early in the trading day, some buying pressure emerged as uncertainty from the US eased after President Trump signaled a possible tariff cut,” it said.

Philippine shares bucked market trends elsewhere. Asian markets took the cue from Wall Street’s gains over the weekend. The Nikkei Index and the Hang Seng rose on Monday by 3.37 percent and 2.15 percent, respectively.

“This week ahead, earnings from big names plus delayed U.S. inflation data will test a fragile market near record highs,” Regina Capital said.

The ratio of winners to losers was 75:122, while 50 shares were unchanged.