“Meanwhile, those same inflation fears weighed on the US market. Technology and tech-related stocks also received some pressure. The sentiment stems from the failed talks about infrastructure and social spending. Now, negotiations on the debt ceiling are heating up in Washington,” Limlingan said.
At the local market, domestic hands kept the index steady, while foreign investors recorded a net selling position of P709.33 million. The gains were led by the services counter, which added 1 percent. The industrial, holding firm and mining/oil counters all rose by less than 1 percent.Value turnover amounted to about P6.6 billion.
Despite the PSEi’s slight gain, market breadth was negative. There were more decliners than advancers 106 to 84, while 58 companies were unchanged.Globe Telecom added 3.8 percent, while AEV rose by 2.35 percent.Notable gainers outside the PSEi included Manila Water, which rose by 3.54 percent, while MREIT and DMCI both advanced by over 1 percent.
On the other hand, Aboitiz Power fell by 4.09 percent, while Ayala Land, PLDT, ICTSI, BDO, Ayala Corp. and URC all shed less than 1 percent.Monde Nissin, the day’s most actively traded company, fell by 1.36 percent. INQ