THE benchmark PSEi remained on a bearish path Tuesday, influenced by the Greek debt issue and the steep losses from Chinese equities since mid-June.
Despite the slower 1.2 percent inflation in June, the market was overwhelmed by the developments in Greece and China,
The PSEi lost 12.50 points or 0.17 percent to 7,442.65, while the broader All Shares dropped 5.52 points or 0.13 percent to 4,259.70.
Investors continued to factor in the negative indications from the rejection by Greece of the austerity measures proposed by its creditors, Justino Calaycay Jr., equity analyst at Accord Capital Equities Corp., said in a phone interview. He noted that the Chinese stock market has declined by 30 percent since the middle of June.
The June inflation data was supposed to perk up the buying, but the sellers, cued by negative leads from abroad, dominated the market, Calaycay noted.
“I think the inflation is already expected. Everybody is now overly concerned about how the situation in Greece will turn out… Domestically, there is no catalyst even in the corporate scene. Trades are very thin and investors opted to liquidate their positions or stay on the sidelines until major news starts to move the market,” Calaycay said.
More than 10.128 billion shares, valued at P6.55 billion, were traded. Decliners outnumbered advancers, 102 to 71, while 40 issues were steady.