Stocks stumble as market remains sluggish
MANILA, Philippines — Share prices were down anew yesterday, bucking the general uptrend in global stocks due to the negative market sentiment in the country.
Traders said the performance of the composite index continues to show that the market is unable to recover back to its former levels just yet. The PSEi lost 14.23 points, or 0.18 percent, to finish at 7,658.05, while the broader All-Shares barometer lost 2.21 points, or 0.04 percent, to settle at 4,662.73.
The sectoral indexes were a mixed bag. Losers were led by the financials, industrial and services sectors.
Total value turnover was thin at just P4.188 billion and market breadth was negative, 105 to 83 while 55 issues were left unchanged. Foreign buying reached P2.08 billion while foreign selling was P2.65 billion.
Jonathan Ravelas, chief market strategist at BDO, said yesterday’s close showed the market’s inability to recover just yet.
Luis Limlingan of Regina Capital said the negative market sentiment in the Philippines remains unchanged.
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