Shares prices fell on Wednesday with the Philippine Stock Exchange Index dropping below the 7,900 level in the absence of fresh leads.
The benchmark index lost 33.95 points or 0.43 percent to close the day at 7,872.65. The wider All Shares dropped 0.34 percent or 16.17 points to finish at 4,707.74.
“There is no news at all. It’s just a continuation of the movement. No fundamentals, neither economic or corporate news (that may move the market),” COL Financial research head April Tan said.
Summit Securities, Inc. President Harry Liu shared the same view, adding “ the market continues with the same behavior, waiting for something new and waiting for … the IPO [initial public offering]of Chelsea Logistics.”
Dennis Uy-led Chelsea Logistics is set to list on the Philippine Stock Exchange on August 8, 2017.
It expects to sell more than 546 million new common shares at P10.68 apiece.
Joylin Telagen, research head at IB Gimenez Securities, said that if listed firms’ earnings turned out better than expected, the index could welcome a new resistance of 8,200.
Share prices rebounded during the day, mirroring regional counterparts and the US close, but succumbed in the end.
Sectoral indices were mixed. Property, financials, and mining and oil posted gains, while industrial, services, and holding firms settled in the red.
Over 1.1 billion shares valued at P7 billion changed hands.
Advancers narrowly led losers, 99 to 92, while 55 issues were unchanged.