Stocks retreat but stay above 8,000 threshold

MANILA, Philippines — The benchmark Philippine Stock Exchange index managed to stay above the 8,000 mark despite ending in negative territory yesterday.

The PSEi was down 10.72 points or 0.13 percent to end at 8,013.42.

The broader All Shares index was also flat at 4,788.62, up 2.02 percent or 0.04 percent.

The sectoral indices, meanwhile, were a mixed bag with some managing to finish in positive territory such as the mining and oil, property and services. On the other hand, the industrial and holding firms gauges finished in the negative territory.

It is worth noting that the financials index also finished in the green after market investors were convinced that the exposure of local banks to the collapse of Hanjin Philippines is minimal and is unlikely to lead to a systemic risk as assured by the Bangko Sentral ng Pilipinas (BSP).

Meanwhile, total value turnover reached P6.518 billion. Market breadth was positive, with advancing stocks outpacing decliners, 102 to 86 while 63 issues were left unchanged.

Commenting on yesterday’s session, Christopher Mangun of Eagle Equities said western equities markets ended yesterday’s trading flat with a slight negative bias.

“The PSE mimicked trading in the west and had a flat day as well. Foreign inflows continue to be strong with net-buying at P258 million. The main index is currently up seven percent since the beginning of the year. The PSEi managed to stay above 8,000 despite ending in the red.“ Mangun said.