The local bourse barely moved on Thursday as traders remained cautious ahead of the American central bank’s monetary policy stancephoton game, which could influence movement at home.
The benchmark Philippine Stock Exchange Index (PSEi) closed flat as it lost 0.02 percent, or 1.36 points, to 6,641.35.
Likewise, the broader All Shares Index went down by 0.07 percent, or 2.48 points, to close at 3,756.07.
Article continues after this advertisementREAD: PSEi slides on disappointing economic data
FEATURED STORIES BUSINESS Trump is Time's Person of the Year, rings NYSE's opening bell BUSINESS BIZ BUZZ: Spare MAP the drama: Bonoan drops presidency BUSINESS Filipinos urged to go digital in giving Christmas cash giftsA total of 589.05 million shares worth P6.18 billion changed hands, stock exchange data showed. More foreigners opted to shed shares than buy, with foreign outflows totaling P381.81 million.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said that investors were taking the backseat before the US Federal Reserve announced its latest policy stance next week.
Article continues after this advertisementInvestors highly anticipate the Fed’s moves, as the Bangko Sentral ng Pilipinas tends to mirror its American counterpart’s stance.
Article continues after this advertisementAccording to Limlingan, experts are optimistic about another rate cut in the United States after inflation climbed.
Article continues after this advertisementLocally, subsectors were mixed. Property firms saw the steepest decline, while traders snapped up the shares of services-related companies the most.
With its investment announcement Wednesday, the company is taking a step toward meeting some commitments that it agreed to in a new contract ratified last fall by the United Auto Workers union after a bitter six-week strike. It’s aimed at countering union arguments that Stellantis won’t keep commitments and doesn’t want to invest in U.S. factories.
BDO Unibank Inc. was the most actively traded stock as it dipped by 3.14 percent to P148.2 per share.
Article continues after this advertisementIt was followed by International Container Terminal Services Inc., up 1.8 percent to P395; Ayala Land Inc., down 0.92 percent to P26.95; Bank of the Philippine Islands, up 3.54 percent to P134.60; and Universal Robina Corp., down 0.19 percent to P77.5.
Also actively traded were shares of SM Investments Corp., up 1.86 percent to P903. —Meg J. Adonis
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