The Philippine Stock Exchange index (PSEi) closed almost flat on Monday, Aug. 10, as investors waited for a catalyst while remaining wary of the country’s slow economic growth and uncertainty in the Middle East.
The main index shed 1.14 points, or 0.02 percent, to close at 6,289.21. The industrial sector posted the biggest decline, while conglomerates and banks advanced.
Volume fell to 621 million shares worth ₱4.1 billion. Gainers outnumbered losers—113 to 75, with 63 unchanged.
“The local bourse ended lower as trading remained relatively flat amid cautious sentiment. Investors are assessing the next market catalyst following the weak second-quarter gross domestic product (GDP) print,” said Regina Capital Development Corp. managing director Luis Limlingan.
GDP growth slowed to a post-pandemic low of 2.3 percent year-on-year during the April-to-June period.
He added, “Attention now shifts to the Bangko Sentral ng Pilipinas’ (BSP) next policy move and its potential impact on market sentiment.”
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market posted a marginal decline as investors moved with caution following the Philippines’ dismal second-quarter GDP print. Iran’s denial of talks with the United States (US) regarding the Strait of Hormuz also weighed on market sentiment.”