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Shares close flat amid Asian stock consolidation

Philippine shares closed flat due to a lack of fresh leads, as Asian stocks consolidated recent gains.

The Philippine Stock Exchange Index edged up 0.02 per cent to 7,282.68.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent on Tuesday and held below a 19-month peak hit last Thursday. The index is up more than 11 per cent since Dec. 23, which marked the trough in a selloff triggered by Donald Trump’s surprise win at the US election in November.

With US markets closed for the Presidents Holiday on Monday, Asian markets have had few global cues off which to trade. European markets are broadly expected to follow in Asia’s wake and seen drifting in a narrow band.

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