Philippine shares traded sideways on Tuesday as Asian markets closed mostly lower ahead of the release of key US data while profit-taking pared Wall Street’s gains.
Jun Calaycay, analyst at Accord Capital Equities Inc., said the local market also offers opportunities for profit-taking.
“While initially casting doubt on our outlook for the week, which presupposed a weak start for the week and a pick-up as the days progress, the closing trades provided validation to the premise—a 4-percent inflection in the general level of prices opened up profit opportunities that were difficult to ignore—and risk—amid a still fluid global picture,” Calaycay said in an email to The Manila Times.
The Philippine Stock Exchange index (PSEi) dipped 0.01 percent, or 0.77 points to finish at 6,295.55, while the wider all-shares index eased 0.04 percent, or 1.52 points to 3,802.53.
Sectoral indices ended mixed, with financials going up by 0.43 percent, or 6.66 points to 1,561.72, while holding firms slipped 0.14 percent, or 7.83 points to 5,696.57.
Industrials gained 0.80 percent, or 75.49 points to 9,553.14, but mining and oil dipped 0.10 percent, or 14.21 points to 14,283.85.
Services shed 0.09 percent, or 1.79 points to 1,893.21 while property declined 0.88 percent, or 21.11 points to 2,383.26.
Among the most actively traded stocks, the gainers included Megaworld Corp., Universal Robina, BDO Unibank, JG Summit, Manila Electric Co. and GT Capital Holdings.
Losers outnumbered gainers, 92 to 64, while unchanged issues stood at 51. Total value turnover amounted to P8.5 billion.
On Monday, the PSEi dipped 0.19 percent, or 12.04 points to end at 6,296.32, while the broader all-shares index posted a 0.05-percent gain, or 2.03 points to settle at 3,804.05.