Stocks flat as investors wait for more news

The local stock market ended flat for the second time this week as investors wait for more cues from the economic front.

The main index shed 2.08 points or 0.04 percent to close at 5,932.19 with sectoral indices evenly mixed. Volume remained weak at 476 million shares worth P4.15 billion as losers beat gainers 96 to 84 with 44 unchanged.

“Philippine shares closed flat as investors looked ahead to September’s job report for further clues into the Fed’s monetary action path,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Aside from these, wholesale inventories and consumer credit data are also due later.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped a little amid lack of catalysts in the market. Investors also booked some gains on the last trading day of the week to avoid any uncertainties over the weekend while negative cues from the US weighed on sentiment.”

She noted that, “Many investors were still on the sidelines with net value turnover being low, as most investors here at home and abroad await the US jobs report which may guide the Federal Reserve’s monetary decision next month.”

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Credit belongs to : www.mb.com.ph

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