Stock market nearly flat Wednesday

Philippine stocks ended nearly flat Wednesday after investors took a breather from the market’s recent rally.

The bellwether Philippine Stock Exchange index lost 0.52 points, or 0.01 percent, to close at 6,520.75, while the broader all-shares index inched up by 1.70 points, or 0.05 percent, to settle at 3,434.41.

Regina Capital Development Corp. Luis Limlingan said investors were waiting for more cues on the planned rate cut by the US Federal Reserve.

Limlingan said the Fed’s recent dovish shift lifted the stocks in the past trading days.

Total value turnover reached P5.38 billion.