Stocks slip on lack of positive catalysts

Local stocks closed nearly flat yesterday, with Asian markets holding onto their gains for the week as confidence grows that interest rates globally will head lower next year, while oil prices fell on the prospects for smallerthan-expected output cuts by OPEC+.

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The benchmark Philippine Stock Exchange index closed at 6,246.20 yesterday, down by 6.98 points or 0.11 percent, while the broader All Shares index slipped to 3,328.01, down by 2.03 points or 0.06 percent.

Total value turnover was thin at P2.33 billion. Market breadth was negative, 91 to 74, while 48 issues were unchanged.

Mikhail Plopenio of Philstocks Financial said the local market dropped as the lack of a positive catalyst caused investors to take profits.