Stocks flat as selling continues
The local stock market managed to recover from early losses to end almost flat as foreign funds moved out.
The main index shed 3.01 points or 0.04 percent to close at 7,140.29 with only the Property and Financials counters in the green.
Volume was slightly lower at 102.66 billion shares worth P12.51 billion as losers beat gainers 169 to 66 with 39 unchanged.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market bucked the regional trend which tracked the record high performance of Wall Street overnight. Foreigners remained net sellers with net outflows amounting to P995.96 million.”
“Philippine shares in the main index were quietly sold down as investors flocked backed into the US with the peaceful transition of power of Joe Biden as the 46th president,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “U.S. markets cheered the Inauguration Day, posting its best returns in almost four decades on the day of the official change in leadership in the White House.”
AAA Equities Head of Research Chris Mangun said “There was increased selling pressure at the open which lasted throughout the session. Last minute buying allowed it to recover some of its losses to end flat.”
“The bloodbath intensified for speculative third liners as several ended at their floor price for a second day in a row giving up most of their gains from the beginning of the week. Investors that have jumped the gun are now paying the price,” he added.