The Philippine Stock Exchange Index (PSEi) was little changed on Thursday, ending flat at 6,277.87 as investors stayed cautious ahead of U.S. Federal Reserve Chair Jerome Powell’s much-anticipated remarks at the Jackson Hole symposium. Trading was relatively muted, with turnover at ₱5.76 billion and net foreign inflows of ₱162 million.
The broader market tone reflected global jitters, as regional equities were mixed. Hong Kong’s Hang Seng slipped 0.2%, Japan’s Nikkei fell 0.6%, and the S&P 500 declined 0.4%, while London’s FTSE 100 managed a modest 0.2% gain. Commodities also showed a divided picture: Dubai crude rose 1.6% to $67.77 per barrel, while gold eased 0.3% to $3,338.71 an ounce.
Select Stock Action
Among local movers, Converge ICT surged 4.4% as investors warmed up again to the broadband provider’s growth story. ICTSI rose 3.1%, tracking gains in global port operators. Consumer bellwether Jollibee Foods climbed 2.2%, buoyed by expectations of resilient domestic consumption, while Ayala Land (+1.7%) and LT Group (+1.9%) also attracted buying interest.
On the losing side, Century Pacific Food tumbled 4.5% after recent rallies, while conglomerates San Miguel Corp. (-3.3%) and JG Summit (-2.0%) weighed on the index. Retail-focused Wilcon Depot slid 3.9%, extending its recent decline amid investor concerns on margins.
Outlook
Traders are expected to tread cautiously in the coming sessions. Global markets are on edge for Powell’s guidance on rates, while local sentiment will likely hinge on government spending and third-quarter GDP growth prospects. For now, the PSEi remains range-bound, with investors waiting for a catalyst strong enough to break the lull.