The stock market closed flat Friday as mild profit-taking capped early gains, weighed down by losses in the regional market.
The Philippine Stock Exchange Index added just 1.45 points, or 0.02 percent, to 7,524.37 on a value turnover of P6.8 billion. Gainers beat losers, 100 to 79, with 42 issues unchanged.
The decision of the Bangko Sentral ng Pilipinas Thursday to leave interest rates unchanged due to slowing inflation lifted investor sentiment in early trading. But investors cashed in on their gains before the close of trading.
Bloomberry Resorts Corp., which operates a casino on a reclaimed part of Manila Bay, surged 12.2 percent to P9.39, while Manila Electric Co., the biggest retailer of electricity, climbed 4 percent to P389.80.
JG Summit Holdings Inc. of industrialist John Gokongwei rose 2.4 percent to P53.20, while International Container Terminal Services Inc. gained 2.3 percent to P98.
The rest of Asian markets fell on Friday, putting the region on course to end a broadly positive week on a sour note with China showing more signs of weakness, while traders took their profits off the table.
There was also some unease after the head of the European Central Bank raised concerns about the growth outlook for the eurozone owing to issues within and outside the bloc.
Hong Kong fell 1.6 percent and Shanghai closed down 1.5 percent after data showed Chinese consumer spending grew at its slowest pace in 15 years in November. Figures at the weekend also showed imports and exports tumbling while inflation slowed.
Tokyo finished two percent lower. A survey of confidence among Japan’s big businesses showed they remain cautious, with worries about the global outlook offsetting fading concerns about the impact of this year’s major earthquakes and typhoons.
Sydney fell 1.1 percent, Singapore was 1.2 percent off and Seoul shed 1.3 percent while Taipei 0.8 percent lower. Wellington and Jakarta were also down.
The pound showed some resilience, even as European leaders refused pleas for help from Prime Minister Theresa May to push their Brexit deal through a fractured British parliament.
Signs of easing tensions in the China-US trade row helped propel equities this week, with both sides seeming to give key concessions, fueling hopes they can eventually resolve their differences.
But observers noted that dealers will remain on alert for any negative news, including further developments in China’s detention of two Canadians on suspicion of threats to national security.
That move came after a top executive at Chinese telecoms giant Huawei was arrested in Ottawa. She faces extradition to the US over allegations the firm broke sanctions on Iran.
On currency markets the pound was down but mostly holding its own after May’s no-confidence vote win, despite the growing prospects of Britain leaving the EU without a deal.
With her agreement having no chance of passing through parliament in its present form, the PM called on her EU counterparts in a Brussels summit to give her some leeway that could get her majority support. With AFP