Philippine stocks succumbed to consolidation on Tuesday, sending the benchmark index to its first correction in the last three days.
The Philippine Stock Exchange index (PSEi) went down 0.55 percent, or 36.40 points to 6,583.55, while the wider all-shares index dropped by 0.71 percent, or 28.87 percent to close at 4,022.15.
Jun Calaycay, Accord Capital Equities Corp. analyst, noted the previous day that given the improving external background, the positive bias to trades should continue.
According to him, attempts to get past the 6,650-point line may not be as unsuccessful, with expectations primed for a possible return to the 6,800 to 6,900 levels before corporate earnings start to be announced.
Total value turnover on Tuesday somehow remained the same at P6.49 billion, with losers beating gainers, 90 to 55, while 41 issues were unchanged.
Majority of the sectors plunged with only services and property managing to register slight gains. Services edged a bit by 0.72 percent, or 13.97 points to 1,965.31, while property advanced by 0.08 percent, or 2.20 percent to 2,580.81.
Holding firms, on the other hand, plummeted by 1.30 percent, or 79.28 points to 6,023.80, followed by industrial, which fell by 1.26 percent, or 125.62 to 9,887.68. Mining and oil went down by 0.24 percent, or 35.16 points to 14,342.81, while financials slid 0.19 percent, or 3.05 points to 1,625.93.
On Tuesday, the 7.5-percent second-quarter growth of the world’s second-largest economy lifted many regional stock markets including the local bourse, even if the latest figure showed a weaker quarter-on-quarter growth for China.
China’s economy grew by 7.5 percent in the second quarter of the year, which is slightly lower than the 7.7-percent growth posted during the first three months of the year.
The PSEi went up 0.70 percent, or 45.74 percent toward 6,619.95, while the wider all-shares index greeted the week with a 0.63-percent increase, or 25.33 points to 4,051.02.