Market fails to sustain early gains

MANILA, Philippines - The stocks market started the day with early gains but failed to sustain the upward momentum, finishing the session in the red.

The benchmark Philippine Stock Exchange index (PSE) tumbled 3.04 points, or 0.04 percent, to close at 6,890.94.

In contrast, the broader All Shares index was up 3.01 points, or 0.08 percent to settle at 3,975.45.It was a mixed basket of ups and downs as far as other indices were concerned.

The financials, services, mining and oil and the property indices all closed in positive territories.

Analysts said investors are still on the look out for positive leads.

“The market’s movements in the last couple of weeks show investors’ sensitivity to the daily news cycle – unfortunately, a no-news day takes on a negative  bias. This is the usual ‘predicament’ when headwinds blow over an already uncertain environment,” said Justino Calaycay of Accord Capital.

BDO Capital president Ed Francisco believes, however, Philippine shares are now more attractive.

Shares prices are bound to see a “recovery very soon,” Francisco said.

Value turnover stood at P5.71 billion even as advancers beat decliners 100 versus 63, while 55 stocks were unchanged.