PH stock index briefly trades above 7,000 level, peso rises to 56.3 a dollar

Philippine stocks ended flat Wednesday, after trading above the 7,000 level for most of the trading day amid concerns on the US economy.

The main composite index inched up by 0.38 point, or 0.01 percent, to close at 6,984.63, while the broader all-shares index rose 8.25 points, or 0.22 percent, to end at 3,786.30.

The peso rebounded to close at 56.38 against the US dollar Tuesday from 56.52 Monday.

China Bank Capital managing director Juan Paolo Colet said the benchmark stock index traded strongly above the 7,000 level for most of the trading session until it succumbed to last-minute profit-taking.

“On positive note, value turnover exceeded P7 billion, with net foreign buying a P760 million, which indicates good market participation,” Colet said.

“However, the repeated failure to close above the 7,000 should caution investors that there is a fairly high risk of a pullback from current levels,” he said.

Sectors ended mixed, with properties rising 1.88 percent, while services and industrial went up by 0.99 percent and 0.19 percent, respectively.

Financials shed 1.7 percent, while mining and oil dipped by 0.61 percent and holding firms by 0.30 percent, respectively.

Converge ICT Solutions Inc. was top index gainer, climbing 5.31 percent to P16.26, while Century Pacific Food Inc. lost the most, declining by 3.52 percent to P38.40.