SHARE prices retreated anew on continued consolidation, with the bellwether Philippine Stock Exchange index (PSEi) shedding 0.28 percent or 23.51 points to close at 8,265.68.
The broader All Shares dropped 0.11 percent or 5.30 points to finish at 4,846.38 with investors ignoring another record close on Wall Street that boosted other Asian markets.
“We’re still going through a medium-term consolidation, waiting for more positive … news before the year ends,” Summit Securities, Inc. President Harry Liu said.
“Other than that, I don’t see any negative … that will bring down the market,” he added
A Regina Capital Development Corp. analyst said equities were sold down ahead of the release of minutes of the Federal Open Market Committee’s October 1-November 1 meeting and the Thanksgiving holiday in the US.
“Looking into the indicators, we can see hints of continued decline although as of now, the 50-day moving average is slightly breached. If this trend continues this week, we get to see another strong support level at 8,100,” the analyst said.
In Asia, the Hang Seng topped the 30,000 mark for the first time in 10 years, gaining by 0.6 percent for the day. Tokyo was also up by 0.5 percent and Shanghai by 0.6 percent.
Back in Manila, only the industrial and property sectors bucked the day’s results by posting gains.
More than 1.4 billion shares valued at P6.9 billion were traded.
Losers led winners, 109 to 83, while 50 issues were unchanged.