Share prices ended flat Wednesday as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium later this week.
The main-share Philippine Stock Exchange index closed unchanged at 6,277 while the all shares index ended at 3,735.14, down 2.76 points, or 0.07 percent.
The peso strengthened Wednesday, closing at 56.96 to the US dollar from 57.1 on Tuesday.
“Many participants remained cautious, waiting for further developments from the Fed in the coming days that could solidify the market’s potential next move,” said Luis Limlingan, head of sales for Regina Capital Development Corp.
Indices ended mixed with services, property and industrials advancing 1.65 percent, 0.53 percent and 0.03 percent, respectively.
On the other hand, mining and oil declined 1.63 percent while holding firms went down 1.58 percent. Financials also dropped 0.17 percent.
Trading was tepid as value turnover reached P5.7 billion.
Foreign investors became net buyers with inflows reaching P161.8 million.
Brokerage firm Unicapital Investments Inc. said it expects the index to hit the 7,100 level by year-end on the back of easing inflation and interest rates, modest growth in the domestic economy and strong corporate earnings.
“The PSEi rebound to 6,350 is more than just a market correction. It reflects an 8 percent earnings growth outlook and sector resilience in areas like consumer, REITs and utilities,” said Marylene Fernandez, president of Unicapital.
Amid continued global uncertainties, Unicapital listed three defensive stocks: AREIT Inc., Puregold Price Club Inc. and Manila Electric Co.
