Stocks close flat

Published August 17, 2020, 7:44 PM

by James A. Loyola

The local stock market was slightly lower yesterday ahead of the government’s decision whether to ease or extend quarantine measures in the National Capital Region.

The Philippine Stock Exchange index (PSEi) shed 8.13 points or 0.13percent,  to close at 6,068.78 with only the Holding Firms and Property Sectors advancing.

Volume was lower at 3.07 billion shares worth P5.76 billion with losers beating gainers 104 to 73 and 62 unchanged.

“Philippine shares were mostly unchanged as investors await the administration’s decision regarding the extension of MECQ after a weaker-than-expected rise in US retail sales underlined lingering questions about the global economy’s resilience,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun noted that, “The president is expected to ease quarantine restrictions on Metro Manila to boost economic activity. Any surprises in tonight’s announcement, specifically an extension of tighter lockdowns will draw a negative reaction from investors.”