Index declines on lack of market-moving news

MANILA, Philippines — The three day trading week opened in the red yesterday as muted trading characterized yesterday’s session. 

Traders said investors were still on holiday break and thus, there was no last minute buying spree in the market before the new year sets in. The partial shutdown of the US Federal government after Congress failed to pass pending legislation also affected sentiment in the US.

The benchmark Philippine Stock Exchange index (PSEi), the local stock market barometer, thus finished at 7,450.01, down by 29.70 points or 0.40 percent.

Similarly, the broader All Shares index also ended in negative territory and was down by 11.66 points or 0.25 percent to finish at 4,489.92.

Most of the the sectors were in the red except for the mining and oil and property indices which finished in positive territory. 

Total value turnover, meanwhile was thin at P3.388 billion. Decliners outnumbered gainers, 115 to 70 while 41 issues were unchanged. 

Luis Limlingan, managing director at Regina Capital said that for  the shortened trading week, investors would be awaiting the report on consumer confidence set to be released today. 

Philstocks Financials said the shortened trading week and the lack of catalysts were the reasons behind the anaemic trading yesterday.