Index back in red on muted trading
The benchmark Philippine Stock Exchange index closed lower by 24.51 points, or 29 percent, to finish at 8,334.06 while the broader All Shares gauge was down 18.83 points, or 0.38 percent, to settle at 4,866.62. File
MANILA, Philippines — The stock market went back to negative territory yesterday, a day after the Philippines received a credit rating upgrade.
The benchmark Philippine Stock Exchange index closed lower by 24.51 points, or 29 percent, to finish at 8,334.06 while the broader All Shares gauge was down 18.83 points, or 0.38 percent, to settle at 4,866.62.
The counters were a mixed bag although majority closed in negative territory led by the mining and oil, holding firms, services and industrial index. On the other hand, the property and financials index closed in positive territory.
Total value turnover reached P6.61 billion. Market breadth was negative, 115 to 87 while 52 issues were left unchanged.
Luis Limlingan of Regina Capital said the local market traded on a softer note a day before a series of huge events in the next few days.
“Both the House and Senate may ratify the reconciled version of the TRAIN soon. Afterwards this may be sent to the President to be signed. Investors have been discounting this news but until this is final then it is not yet set,” he said.
Elsewhere, Limlingan said it was also a muted trading day on North American stock markets as indices on both sides of the border posted modest gains ahead of this week’s US Federal Reserve meeting.
“Funds also had their eye on bitcoin futures, which made their market debut. But traders were mostly looking ahead to the outcome of Wednesday’s meeting of Federal Reserve policymakers,” he said.
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