Sluggish trades halt market advance
MANILA, Philippines — Share prices declined yesterday due to the absence of market-moving news.
Traders said the lack of catalysts discouraged investors from dipping into the market yesterday even as there was a lot of optimism last week.
The benchmark Philippine Stock Exchange (PSEi) closed lower by 29.74 points, or 0.40 percent, to finish at 7,369.44.
Similarly, the broader All Shares gauge lost 12.29 points, or 0.27 percent, to end at 4,462.60.
Likewise, the sectoral indices were mostly in negative zone except for the industrial sector, which gained 23 points or 22 percent.
As expected total value turnover, was noticeably thin at P4.277 billion and market breadth was negative, 90 to 82 in favor of decliners. Fifty-five issues, meanwhile, were left unchanged.
Luis Limlingan of Regina Capital said value turnover was thin because of the absence of leads.
“Philippine shares traded lower to start the week, after four successive trading sessions saw the index close in the green. Lack of catalysts remained the culprit once again, and some investors were profit taking after the release of China GDP and renewed fears of an escalating trade war,” Limlingan said.
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