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Manila Bulletin devider Business devider The Stock Market devider Stocks flat on late profit-taking

Stocks flat on late profit-taking

Published Sep 13, 2024 08:25 am

The local stock market lost the day’s gains to end almost flat as some investors cashed out for the weekend.

The main index shed 1.82 points or 0.03 percent to close at 7,022.85 with sectoral indices equally divided. Volume reached 695 million shares worth P5.41 billion as losers outnumbered gainers 96 to 88 with 62 unchanged.

“Philippine shares wrapped up the day pretty much flat as everyone’s holding their breath ahead of the Fed’s interest rate call,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Despite ending on the red though, the PSEi managed to hover above the 7,000 psychological line, with a 25bps cut from the Fed already baked into most traders' expectations.”

Philstocks Financial Research Manager Japhet Tantiangco said “Last minute profit-taking sent the local market lower this Friday as investors booked gains from the market’s rise yesterday. Foreigners were still net buyers with net inflows amounting to P188.92 million.”
 

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