SHARE prices on the Philippine Stock Exchange retreated on Tuesday as investors reposition themselves ahead of the upcoming initial public offering of Chelsea Logistics Holdings Corp.
The benchmark index declined 0.84 percent or 67.44 points, pulling back to the 7,900 level. The wider All Shares declined 0.58 percent or 27.66 points at 4,739.20.
“Chelsea has sucked a lot of funds out of the market that’s why volume is low. Also, third quarter is seasonally weak,” Eagle Equities Inc. President Joseph Roxas said.
Harry Liu, president of Summit Securities Inc., said the market was technically on a pullback to support level.
“Investors are still on the sideline looking for a good news catalyst to move it higher such as the Marawi , tax reform, earnings results of the listed issues half year but market is still technical consolidating,” he said.
All market indices were in the red led by property (-1.44 percent), industrial (-0.83 percent), financials (-0.70 percent), holding firms (-0.43 percent), services (-0.40 percent), and mining and oil (-0.25 percent). ANGELICA BALLESTEROS