Stock market snaps out of five-day uptrend

0

Philippine shares on Tuesday ended its five-day run-up after investors failed to grasp for fresh leads, leaving the market even more sensitive toward external developments.

Advertisements

“Market remains vulnerable to external movements as concerns of taper [by the US Federal Reserve]and slowdown in growth rates keep investors’ sentiment low,” Jonathan Ravelas, chief market strategist of BDO Unibank Inc., said in a text message.

Investors at the Philippine Stock Exchange (PSEi) ran out of fresh leads to cling on to, which forced the index to snap out of its five-day run and drop by 0.70-percent drop, or 43.87 points to 6,179.50. The wider all-shares index went down by 0.71 percent, or 26.89 points to 3,766.82.

Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said that the market also went down because there were no fresh news to support another ascent. Thus, profit-taking took place.

Besides the Dow Jones, which went down, other Asian markets also closed mix, she further said.

For the first time in few trades, the sectoral indices all ended on the red side. Industrial registered the largest decrease, falling by 1.90 percent, or 170.37 points to 8,817.69, followed by the property counter, which slid by 1.16 percent, or 28.17 points to 2,399.11.

Mining and oil, on the other hand, declined by 0.83 percent, or 101.43 points to 12,189.27, while the services counter plummeted by 0.36 percent, or 6.87 points to 1,930.62. Holding firms also went down, posting a 0.33-percent correction, or 18.57 points to 5,627.98, while financials slightly slipped by 0.09 percent, or 1.39 points to 1,512.60.

Total value turnover remained thin at P5.2 billion with gainers beating losers, 89 to 48.

Some of the top losers on Tuesday were Manila Water Co. Inc., Emperador Inc., SM Investments Corp., Universal Robina Corp., JG Summit Holdings Inc., SM Prime Holdings Inc., Jollibee Foods Corp. and International Container Terminal Services Inc.

On Monday, the PSEi began the week on the green side with a 0.23-percent increase, or 14.55 points, settling above the 6,200-point level toward 6,223.37.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.