Local markets flat on investors’ risk-off sentiment

With these developments, investors remained cautious as shown in the mix results in the local equities market. (Pexels photo)

MANILA — The week’s trading began with indices little changed as investors continue to weigh developments overseas.

PSEi gained 0.006 percent, or 0.41 points, to 7,413.56 points, which Landbank market economist Guian Angelo S. Dumalagan said is similar to the path of US stocks Friday last week.

“Sessions were marked by whipsaw action due to reports that Trump still want to impose tariffs on China despite previous news of easing tension,” he said.

The economist also noted that oil futures are rising due to the upcoming sanctions by US on Iran’s oil exports, which is set in November.

Also, a trader said tensions remain between the US and China amid new efforts to discuss trade issues.

This, as reports said US President Donald Trump has given the go signal to impose about USD200 billion-worth of tariff on Chinese products.

With these developments, investors remained cautious as shown in the mix results in the local equities market.

The broader All Shares ended the day at 4,550.00 points, down 0.12 percent or 5.30 points.

Most of the sectors ended the day on the red, led by the Mining and Oil at 1.65 percent. It was followed by the Financials, 1.08 percent; Holding Firms, 0.65 percent; and Services, 0.05 percent.

On the other hand, Industrial went up by 1.

12 percent and Property, 0.89 percent.

Volume reached 968.13 million shares amounting to Php3.94 billion.

Decliners surpass advancers at 99 to 95 while 44 shares were unchanged.

Meanwhile, the peso gave up PHP0.14 after it ended the week’s first trading day at 54.

11 from 53.97 Friday last week.

A trader said trade tensions continue to dampen sentiments in the region.

For the day, the peso opened at 54.1, little changed from the 54.02 in the previous session.

Its opening level is the unit’s strongest for the day while weakest is 54.28. Average level for the day stood at 54.207.

Volume totaled to USD807.2 million, higher than the USD660.15 at the end of last week.