Philippine shares flat as foreigners buy PHP145.73M

Local shares closed flat on Wednesday as the benchmark Philippine Stock Exchange index (PSEi) slipped by 0.01 percent to 6,882.12, with a total of 653.58 million shares worth PHP5.55 billion traded.

Foreigners were net buyers with inflows amounting to PHP145.73 million, contributing to a tepid trading environment characterized by low volume and indecisive investor behavior as concerns over the US economy's health persisted.

Sectoral indices saw mixed performance, with banks leading gains at 0.99 percent while the industrial sector recorded the steepest loss at 1.02 percent.

Philstocks Financial research manager Japhet Tantiangco attributed the market's negative sentiment to spillovers from US markets, which fell due to weak manufacturing data and renewed recession fears.

International Container Terminal Services Inc. was the most actively traded stock, followed by Universal Robina Corp., SM Investments Corp., Jollibee Foods Corp., and BDO Unibank Inc.