PSEi goes further down

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Investors were still left struggling to find good leads, leaving the market behind with a more than 75-point decline on Tuesday.

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The Philippine Stock Exchange index (PSEi) plunged for the second time this week, falling by 1.19 percent, or 75.40 points to 6,267.85. The wider all shares declined by 1.02 percent, or 39.40 points to 3,825.46.

“Market might continue to go down because of the negative effect brought about by the damage of recent Super Typhoon Yolanda. It is not easy to recover, and also [there is]no fresh news that will lead the market,” Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said.

From narrow losses and modest gains on Monday, majority of the sub-indices fell significantly, with industrial registering the largest drop with 1.52 percent, or 138.54 points to 8,987.62.

Property lost 1.49 percent, or 38.07 points to 2,513.71, while services was down by 1.41 percent, or 27.89 points to 1,944.48. Holding firms plummeted by 1.07 percent, or 61.34 points to 5,677.65, while financials went down by 0.64 percent, or 9.93 points to 1,531.99.

Mining and oil, on the other hand, managed to end in the green, advancing by 0.83 percent, or 100.80 points to 12,199.28.

Total value turnover stood at P7.6 billion toward the end of the session, with losers, numbering 116, completely dominating gainers, which stood at 47.

Some of the most actively traded stocks, which were mostly down, were JG Summit Holdings Inc., Alliance Global Group Inc. (AGI), Universal Robina Corp. (URC), Robinsons Retail Holdings Inc., GT Capital Holdings Inc., Puregold Price Club Inc., SM Investments Corp., Metropolitan Bank and Trust Co. and SM Prime Holdings Inc. (SMPH).

The top losers on Monday were Energy Development Corp. (EDC), SMPH, URC, AGI and First Gen Corp. Because of its announcement that its Unified Leyte plants are still non-operational, the share price of EDC ended 11.58 percent lower to P4.58.

According to Abadillo, the news from Unified Leyte somehow had a domino effect to the market, thus pulling the benchmark index lower.

The equities market started the trading week at a slower pace amid absence of both local and foreign leads. The PSEi on Monday ended weaker with a 0.05-percent decline, or 3.15 points lower toward 6,343.25.

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