Stocks flat ahead of BSP meeting

Published December 17, 2020, 3:13 PM

by James A. Loyola

The local bourse managed to close almost flat despite some profit-taking as investors wait for news from the central bank’s meeting.

The main index shed 1.68 points or 0.02 percent to close at 7,298.02 with only the Holding Firms and Services counters advancing.

Volume was firm at 32.64 billion shares worth P9.26 billion as losers edged out gainers 117 to 105 with 49 unchanged.

“Philippine shares closed flat ahead of the FTSE rebalanacing and the last BSP meeting for the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Analyst Claire Alviar said that, “while last minute bargain hunting did not save the bourse from entering negative territory, losses were thinner at close.”

AAA Equities Head of Research Chris Mangun said “Prices of blue chips were lower earlier in the session but then recovered towards the close” and the last minute buying means a “majority of investors remain confident and are willing to stay in the market, evident in the above average trading volumes that we continue to see.”