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Manila Bulletin devider Business devider Stocks flat on late bargain hunting again

Stocks flat on late bargain hunting again

Published Mar 23, 2022 04:15 pm

The PSEi managed to end flat on low volume as investors pushed the benchmark back to the green towards the end of the session.

The main index eked out a fractional gain of 0.49 of a point or 0.01 percent to close at 7,009.43 with sectoral indices evenly mixed. Volume dropped to 1.4 billion shares worth P5.89 billion as gainers edged out losers 91 to 85 with 48 unchanged.

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“Philippine shares closed flat as investors shrugged off hawkish remarks from Federal Reserve Chair Jerome Powell and continued to monitor the war in Ukraine,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse closed flat as last minute bargain hunting wiped the market’s intraday losses.”

He noted that, “The bourse was in the red territory for the most part of the day as uncertainties over the Russia - Ukraine conflict, and the aggressively hawkish outlook of the Federal Reserve dampened sentiment.“

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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