Stocks close lower on lack of market movers

MANILA, Philippines — The Philippine stock exchange index moved sideways again after initially paring its losses earlier in the day.

Traders said the market continued to be in consolidation phase with lack of enough market moving developments.

The PSE index ended at 7,647.51, down 5.02 points or 0.06 percent, while the broader All Shares gauge gained 7.32 points or 0.15 percent while the rest of the counters were a mixed bag.

Total value turnover was at P5.096 billion and advancing stocks outpaced decliners but only slightly, 95 to 92 in favor of advancers. Fifty six issues were left unchanged.

Astro del Castillo, managing director at First Grade Finance Inc., said market investors took the cue from the Federal Reserve’s hawkish stand which put pressure on the peso.

The Fed could raise interest rates anytime, Del Castillo said.

“It’s because of the hawkish stand of the Fed,” he said, noting that the Fed indicated that it might raise interest rates.

Mike Enriquez, chief investment officer of Sun Life, for his part said the PSEi may have the same movement until next week.

“We don’t really see any catalyst, we’re still in a consolidation phase,” he said.