The local stock market was flat as investors continued to take cash out due to the coming long Christmas holiday.
The main index shed a marginal 0.52 points to close at 6,520.75 with sectoral indices equally divided. Volume improved to 1.15 billion shares worth P6.32 billion as gainers outnumbered losers 96 to 89 with 42 unchanged.
“Philippine shares took a breather from the recent rally as investors look forward to more cue on the rate cuts from the Fed in the new year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “on the US data front, consumer confidence for Dec. and existing home sales for Nov. are due out on Dec. 20."
Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse saw a marginal decline as more investors booked gains following the market’s rise in the past few days. Investors were also finding new catalysts to drive the market upwards.”