MANILA, Philippines – The Philippine equity market arrested three consecutive days of decline in a seesaw trading with the absence of market-moving leads.
The Philippine Stock Exchange index rose 0.14 percent or 8.75 points to 6,399.99, recovering in the last few minutes from the intraday low of 6,371.70. The broader all shares index inched up 0.07 percent or 2.60 points to 3,869.32.
“It was a seesaw trading and market seems like it is consolidating with the dearth of news,” said Astro del Castillo, managing director of First Grade Finance Inc.
Del Castillo said the market is still keeping its eye on economic data in the US and the buildup of tensions in Ukraine.
Asian markets also traded between gains and losses, with sentiments dragged by the West’s new warning of more sanctions on Russia. Residents of Crimea voted to break free from Ukraine and join Russia.
Japan’s Nikkei 225 picked up 0.35 percent or 49.99 points to 14,277.67.
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Locally, most counters were in the red, paced by mining and oil that dropped 0.36 percent or 50.72 points to 14,226.09. But holding firms gained 0.37 percent or 22.04 points to 5,915.46.
Losers outpaced advancers, 92 to 73, while 44 stocks did not change. Turnover value slightly eased to P7.27 billion from P7.55 billion on Friday.
Most active shares closed higher, led by JG Summit Holdings Inc. that rallied two percent while SM Prime Holdings Inc. climbed 1.81 percent.
Del Castillo said the market might consolidate within the 6,300-6,400 range in the next few days.
