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Manila Bulletin devider Business devider The Stock Market devider PSEi loses day's gains

PSEi loses day's gains

Published Sep 10, 2024 08:03 am

The PSEi closed flat after late selling pulled it back down from its peak well above the 7,000 resistance level.

The main index end higher by just 0.38 points or 0.005 percent at 6,984.63 as half the sector indices declined. Volume was strong at 777 million shares worth P7.26 billion as gainers outnumbered losers 111 to 82 with 65 unchanged.

“Philippine shares closed flat after trading more than 100 points higher intraday as traders are eyeing the upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Chinabank Capital Corporation Managing Director Juan Paolo Colet noted that, “The benchmark index traded strongly above 7,000 for most of the session until it succumbed to sharp market-on-close selling that pushed the PSEi below its major resistance to end the day just a slight notch above yesterday's close.”

He warned that, “the repeated failure to close above 7,000 should caution investors that there is a fairly high risk of a pullback from current levels.”

Philstocks Financial Research Manager Japhet Tantiangco said “most gains were wiped out in the final minutes due to profit-taking. Investors also took a cautious stance due to the lingering uncertainties in the US economy.”

 

Related Tags

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