The PSEi recovered from early losses to close flat as investors initially sold down stocks following weak US markets overnight.
The main index shed just 0.8 points or 0.01 percent to close at 6,882.12 with sectoral indices evenly divided. Volume was a little higher at 653 million shares worth P5.56 billion as losers outnumbered gainers 113 to 76 with 54 unchanged.
“Philippine shares managed to recoup earlier losses after falling approximated 120 points to finish virtually the same as yesterday's session,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Earlier in the morning investors were rattled after U.S. stocks tumbled on Tuesday as technology shares struggled, and fresh economic data reignited concerns about the economy's health.”
Limlingan noted that, “Price action has remained subdued as investors await key catalysts, particularly the release of the Philippines’ August inflation data tomorrow, with many expecting this to fall below four percent after accelerating to 4.4 percent last month.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local bourse fell as low as 6,759.93 intra-day but had its losses trimmed on the back of bargain hunting. Trading was still tepid as investors await the Philippines’ August inflation data."