The benchmark Philippine Stock Exchange index (PSEi) dipped on Wednesday, hounded by the absence of market-lifting catalysts but still held above the 8,000-point mark.
The index eased by 3.66 points or 0.05 percent to 8,051.40, while the All Shares index gained 0.33 points to 4,778.89.
Harry Liu, president of Summit Securities Inc., said in a phone interview the market took a dip in the absence of market-moving news. The market exhausted the positive sentiment from the first -half corporate results.
“It’s just because we could not break the 8,100 territory that we have been trying the past few days. There is no fresh news to heighten market activity, so the market took a sideways movement with a bias on the downside,” Liu said.
“It is a short-term concern, particularly the online gambling issues. And this is just a question of how the government will address this.
“But the way I see it, it is a generally positive undertone of the market with eyes on gambling and mining… The market is trudging sideways as the people are watching more development in political events,” he added.
The Industrial and Holding Firms indices ended in negative territory, while the Financials, Services, Mining and Oil, and Property indices registered gains.
Some 1.57 billion shares were traded, valued at P8.12 billion.