Stocks flat as investors wait for news

The local stock market closed flat as investors wait for cues from US bourses and market-moving news.

The PSEi eked out a gain of 2.38 points or 0.04 percent to close at 6,333.94 although only the Industrial and Holding Firms sectors advanced while the Property counter led decliners. Volume was weak at 765 million shares worth P3.57 billion as losers beat gainers 108 to 81 with 52 unchanged.

“Philippine markets were quiet to start the week as U.S. stock markets will be closed on Jun 20 to observe the Juneteenth National Independence Day holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The key economic data release this week is the durable goods report on Thursday. There are several scheduled speaking engagements by Fed officials this week, including Chair Powell’s semi-annual testimony to the Senate Banking Committee on Wednesday and to the House Financial Services Committee on Thursday.”

The main highlight back home for this week is BSP’s policy setting meeting on Thursday. Aside from this, the country’s budget balance is due out on Jun 22.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The market moved sideways for the day as bargain hunting efforts were met by selling pressure caused by worries over recession risks in the US’ economy, and continuous build up of inflationary risks here in the Philippines.”

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