The PSEi lost most of its early gains but managed to remain in the green at the end of trading.
The main index ibched ip 5.08 points or 0.08 percent to close at 6,585.20 mainly on the strength of Banks as the Services and Property counters retreated. Volume was lower at 570 million shares worth P5.51 billion as losers beat gainers 102 to 84 with 52 unchanged.
“Philippine shares closed flat as worries persisted over continued rate hikes by the Fed,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse bucked the trend of Asian peers, gaining amid optimism about the holiday season.”
She noted though that, “Gains were trimmed at the last minute as investors await economic data in the US and at home.”
Alviar explained that, “Overseas, investors looked ahead to the US inflation rate and the meeting of the Federal Reserve. At home, those data would be relevant to the decision of the Bangko Sentral ng Pilipinas in their meeting. While waiting for these, many investors were seen on the sidelines.”