Index closes flat ahead of P-Noy’s SONA

MANILA, Philippines - Local share prices ended flat ahead of the third State-of-the-Nation Address (SONA) of President  Aquino yesterday.

The Philippine Stock Exchange index (PSEi) inched up 0.10 percent or 6.34 points to settle at 6,627.36 from Friday’s close at 6,621.02.

Losers outnumbered gainers, 74 to 67, while 44 stocks were unchanged.

Trading volume reached 864.057 million as P4.7 billion changed hands. Most counters were in the green, except industrials and holding firms, which fell 0.96 percent and 0.60 percent, respectively.

Astro del Castillo, managing director of First Grade Finance Inc, said the slight recovery in share prices is part of the consolidation of the market.

“Most of the investors are awaiting for market-moving news,” he said, referring to the financial results of the listed firms.

The most actively traded stocks were SM Prime, Meralco, Metrobank, PLDT and Universal Robina. The top gainers were Seacem, Philippine Seven, Information Capital Technology, while the biggest losers were Panasonic, Jolliville and Yehey!

Jun Calaycay of Accord Capital Equities expects no significant boost to the market from the SONA, even as President Aquino’s previous speeches were marked by the highest gains among the country’s last four chief executives.