ASEAN KEY DESTINATIONS
Philippine shares trade flat on lack of catalysts
Philippine share prices closed nearly unchanged on Monday, albeit still in the green, on lack of positive developments on the local scene.
The benchmark PSEi gained 0.72 point or 0.01 percent to close at 8,053.92. The broader All Shares advanced by 2.76 points or 0.06 percent to 4,856.38.
Regina Capital Development Corp. head of sales Luis Limlingan said the market was flat given the absence of local catalysts.
“Philippine investors started the week on a rather neutral note as markets breathed a sigh of relief as the US government re-opened, and as the big names abroad gear up for corporate earnings,” he explained.
According to a report by Reuters, US President Donald Trump on Friday afternoon said he reached a deal with Congress to end the partial shutdown and restore government funding for three weeks, while talks continue regarding the wall on the US-Mexico border.
The bombing of a church in Jolo over the weekend has “minimal effect if ever” on the market, Limlingan said.
Twin blasts rocked the Mount Carmel Cathedral in Jolo on Sunday while the 8 a.m. mass was ongoing, killing at least 20 individuals and injuring nearly 100 people.
Limlingan said the market will be awaiting the release of the latest Federal Open Market Committee’s meeting minutes.
Foreign funds bought P6.234 billion of shares during the session and sold P3.962 billion for a net buying position of P2.271 billion.
More than 1.682 billion shares, valued at P9.130 billion, changed hands. Decliners led advancers, 108 to 102, and 44 issues were unchanged. —
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