The local stock market bucked a regional rally on Tuesday, retreating back into the 8,200 level with investors said to be looking for news that would spur buying.
The bellwether Philippine Stock Exchange index (PSEi) shed 32.79 points or 0.39 percent to close at 8,289.19, while the wider All Shares dropped 20.07 points or 0.41 percent to finish at 4,851.68.
“I’m still not seeing the effect of positive GDP (gross domestic product) numbers on the market. Investors are wary and are still on standby and [there’s] still not enough buying pressure to push the market higher,” Eagle Equities, Inc. research head Chris Mangun said.
“I’m [also]seeing a lack of volume in the market. We traded average but a lot of it was cross-trading within brokerages,” he added.
“The market cannot have a sustained rally unless it is at a support level. It may test support at 8,260 before we see it recover.”
BDO Capital and Investments Corp. President Ed Francisco also sees the market “moving sideways in the next few days without big news.”
Most Asian markets, meanwhile, rose on Tuesday as investors took their cues from gains on Wall Street.
The Nikkei gained 0.7 percent, the Hang Seng added 1.9 percent while the Shanghai Composite rose by 0.5 percent.
Back in Manila, only the financials index closed in the green with a 0.11-percent rise.
Over 1.9 billion issues valued at P7.17 billion changed hands.
Losers led winners, 124 to 78, while 48 issues remained unchanged.