For the second trading of the week, the local equities market failed to gather enough gas to recover from Monday’s losses.
The Philippine Stock Exchange index (PSEi) went down again on Tuesday, falling by 0.97 percent, or 58.80 points to 6,022.81, while the wider all-shares index shed 0.62 percent, or 22.81 points to 3,668.94.
“It was a slow day at the PSE today with value turnover dropping below the average. The index fell right off the bat, tracking its global peers. All sector indices were in the red as breadth stayed negative for the second straight day,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
He added that US stocks continued to fall on combined concerns over Federal Reserve and China woes. European shares retreated as well, while Asian equities opened weak on similar concerns.
All the sectoral indices also ended on the red side with mining and oil having the largest fall, losing by 1.19 percent, or 166.19 points to 13,852.99, followed by holdings firms, which was down by 1.16 percent, or 63.67 points to 5,410.12.
Property shed 1 percent, or 23.05 points to 2,285.16, and industrial sunk by 0.85 percent, or 76.48 points to 8,900.48. The services counter was down by 0.65 percent, or 12.30 points to 1,871.02, while financials lost 0.40 percent, or 6.03 points to 1,501.93.
Total value turnover also remained thin at P5.7 billion with decliners still edging decliners.
Some of the top losers on Tuesday were Megaworld Corp., Universal Robina Corp., GT Capital Holdings Inc., Metropolitan Bank and Trust Co., Ayala Land Inc., Ayala Corp., Jollibee Foods Corp., Globe Telecom Inc., Metro Pacific Investments Corp., International Container and Services Inc. and JG Summit Holdings Inc.
The local stock market succumbed to a correction from profit-taking during the first trading day of the week. The PSEi sunk on Monday, losing 1.77 percent, or 109.89 points to 6,081.61,while the broader all-shares index shed 1.52 percent, or 57.02 points to 3,691.75.