Index reverses early losses on last-minute buying
MANILA, Philippines - Last-minute buying reversed early losses and allowed the bellwether index to close in the green for the third straight session.
The Philippine Stock Exchange index inched up 0.04 percent or 2.75 points to 6,986.24, while the broader all shares index barely rose 0.05 percent or 2.23 points to 4,177.55.
The bellwether index hit an intraday low of 6,968.19.
“There was last-minute buying on select stocks. The market also consolidated because of concerns overseas and inflationary worries,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview.
“The Philippine market ends flat as it fluctuated near the 7,000 resistance. Investors are still weighing moving into higher levels amid the current global environment,” said Gab Aguila of DA Market Securities.
Amid low turnover, Dow Jones industrial average dropped 0.06 percent or 9.44 points to 16,560.54 on Tuesday, while the broader Standard & Poor’s 500 index fell 0.16 percent or 3.17 points to 1,933.75, with the decline led by energy companies.
Gains in Asian markets were kept in check as China’s retail sales rose below forecast while Japan’s economy recorded its largest contraction in three years. Japan’s Nikkei 225 added 0.35 percent or 52.32 points to 15,213.63.
Investor participation improved as turnover value climbed to P7.98 billion from P6.17 billion on Tuesday. Losers slightly outpaced advancers, 86 to 80, while 53 stocks did not change.
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