The local stock market ended flat as investors continue to wait for the policy meetings of both US Philippine central banks.
The main index shed 1.35 points or 0.02 percent to close at 6,615.16 with the Mining sector suffering the biggest loss while Banks and Conglomerates advanced. Volume declined to 533 million shares worth P4.64 billion as losers outnumbered gainers 100 to 87 with 66 unchanged.
“Philippine shares continued to trade flat as the market begins its last full trading week ahead of the holidays,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “For this week, the spotlight in the US is on the Federal Reserve's interest rate decision, scheduled for release on Thursday. Notably, a 25-basis point rate cut is expected, while GDP Growth is forecasted to go lower to 2.8 percent.
“Locally, investors are closely monitoring the BSP's interest rate decision, expected to announce a 25-basis-point cut, which is set to be published on Thursday, December 19.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market inched down as investors took a cautious stance while waiting for the Federal Reserve and the Bangko Sentral ng Pilipinas’ policy meetings this week.”
He noted that, “The local currency’s depreciation against the US Dollar also weighed on the market. On a positive note, last minute bargain hunting trimmed the day’s losses.”