Stocks end losing skid, close flat

MANILA, Philippines - The bellwether stock index closed flat yesterday, barely recovering from its six-day losing skid.

The Philippine Stock Exchange index (PSEi) inched up 0.04 percent or 2.34 points to 5,888.74, while the broader All Shares index slipped 0.12 percent or 4.20 points to 3,608.38.

“The PSEi swung between gains and losses as investors attempted to balance their fears and the relative bargains that may have emerged after a six-session slump,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

The main index hit an intraday high of 5,914.44 and an intraday low of 5,873.68.

Calaycay said that while the slight pick-up in the closing hour of trades managed to preserve the marginal gains, gains were tempered by the warning of Moody’s Investor Service on the country’s credit rating.

The local bourse mirrored sentiments across Asian markets, which were weighed down by concerns over the US Federal Reserve’s tapering of the stimulus program.

Japan’s Nikkei 225 eased 0.62 percent or 96.25 points to 15,515.06 while Hong Kong’s Hang Seng index retreated 1.77 percent or 419.57 points to 23,324.62.

Wall St. also succumbed to selling as investors opted to stay at the sidelines ahead of next week’s Fed meeting.

The Dow Jones Industrial average fell 0.33 percent or 52.40 points to 15,973.13 while the broader Standard & Poor’s 500 index dropped 0.32 percent or 5.75 points to 1,802.62.