Published June 1, 2021, 5:15 PM
The local stock market ended flat Tuesday, June 1 after a weak start as the listing of Monde Nissin’s shares failed to spark a rally.
The main index shed 1.06 points or 0.02 percent to close at 6,627.43 as the Mining and Oil counter led the retreat while the Financials and Property sectors advanced.
Volume rose to 4.08 billion shares worth P14.78 billion, boosted by trades in MONDE shares worth P3.2 billion as well as block sales of around P7 billion. Gainers actually outpaced losers 107 to 101 with 41 unchanged.
“Philippine shares closed flat to start the month of June with investors awaiting the US equity market to resume from the Memorial Day weekend, while most of the focus today was on the IPO of Monde Nissin,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
The food manufacturing giant behind popular Filipino brands Lucky Me! and Skyflakes began trading on the Philippine Stock Exchange on Tuesday raising more than ₱48 billion during its initial public offering.
Global noodle giant and Quorn owner Monde Nissin has completed the Philippines largest initial public offering in history after listing its shares today in a £720m float.