PHILIPPINE shares retreated on Tuesday as many traders unloaded stocks ahead of the US holiday to mark Independence Day.
The bellwether PSE index closed down 0.41 percent or 32.56 points at 7,833.96. The broader All Shares dipped 0.17 percent or 8.11 points to finish at 4,696.90.
“As expected, another weak trading period of lower value turnover was witnessed – this time coupled with a selldown as the US markets will be closed to celebrate Independence Day,” Regina Capital Development Corp. Managing Director Luis Limlingan said before July 4 dawned in the US.
Summit Securities, Inc. President Harry Liu said the local market was hovering to take any cue in the absence of market-moving news.
The local bourse is not likely to hit resistance at 8,000 if this trend continues, Liu said.
Sectoral indices closed mixed. Property fell 0.68 percent, Mining and Oil dropped 0.53 percent, while Financials dipped 0.44 percent. Services and Industrials, meanwhile, gained 0.38 percent and 0.07 percent, respectively.
EastWest Banking Corp. was the biggest gainer, closing up 8.88 percent, while Ayala Land, Inc. posted the biggest decline of 1.11 percent.
More than 1.5 billion shares changed hands, valued at P4.7 billion.
Gainers led losers, 109-94, with 41 issues unchanged.