Market falls on thin trade

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The local stock market capped the shortened trading week in the red, as investors seem to be in a holiday mood ahead of the celebration of the end of Ramadan.

“The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, First Grade Finance managing director, said.

Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., also said in a report that the market was down on US Federal Reserve concerns.

The Philippine Stock Exchange index (PSEi) ended flat again on Thursday, falling 0.26 percent, or 16.56 points to 6,404.23, while the wider all-shares barometer shed 0.13 percent, or 4.93 points to 3,918.63.

This time, however, two sectors managed to end in the green. After struggling to make it to the green, mining and oil was able to go up a bit by 0.09 percent, or 13.32 points to 14,500.33, while financials gathered 0.05 percent, or 0.74 points to 1,539.12.

The rest of the sub-indices ended in the red. Holding firms went down 0.37 percent, or 21.21 points to 5,784.31, while industrial fell 0.35 percent, or 33.51 points to 9,582.92. Property went down 0.34 percent, or 8.50 points to 2,481.55, while services remained flat with a 0.09-percent gain, or 1.74 points to 2,029.81.

Total value turnover ended the shortened trading week flat and stood at P4.2 billion, while the gap between bears and bulls thinned, 61 to 63. Fifty-seven shares were unchanged.

Some of the most actively traded stocks were SM Investments Corp., Ayala Land Inc., Universal Robina Corp., Metropolitan Bank and Trust Co., Philippine Long Distance Telephone Co., Globe Telecom Inc., Metro Pacific Investments Corp., Alliance Global Group Inc., SM Prime Holdings Inc. and Cosco Capital Inc.

Although ending in the green on Wednesday, Philippine shares were also flat with the official start of the so-called “ghost month,” where Oriental investors traditionally avoid doing major investments decisions.

The ghost month, which began on Wednesday and will last until September 4, overlaps with Western summer holidays. This concurrence usually results in thin regional trade.

At the start of the ghost month, the PSEi barely moved with 0.01-point gain toward 6,420.79, while the wider all-shares index gathered only 1.28 points, or 0.03 percent to 3,923.56.

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