PSEi ends flat as market awaits Fed policy hints

PHILIPPINE STOCKS ended flat on Wednesday as investors stayed on the sidelines ahead of a trading break and the US Federal Reserve’s Jackson Hole symposium.

- R.M.D. Ochave with Reuters

The bellwether Philippine Stock Exchange index (PSEi) edged up by 0.20 point to close at 6,277.87, while the broader all shares index inched down by 0.07% or 2.76 points to 3,735.14.

Philippine financial markets are closed on Aug, 21 (Thursday) for the Ninoy Aquino Day holiday.

“The local market moved sideways, mostly in the positive territory as investors hunted for bargains following two consecutive days of decline. Gains dissipated, however, as confidence in the market remained weak amid lingering uncertainties and lack of positive catalysts,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

The PSEi opened Wednesday's session at 6,288.28, higher than Tuesday’s close, and even hit an intraday high of 6,301.50 before moving lower at the closing bell.