Index ends in red on lack of catalysts

MANILA, Philippines — It was another red letter day at the stock market yesterday as most of the catalysts investors were waiting for, including the March inflation report, have yet to materialize.

Thus, the benchmark Philippine Stock Exchange index (PSEi) tumbled 80.62 points, or 1.01 percent, to end at 7,840.31.

Likewise, the broader All Shares index was also down 40.04 points or 0.82 percent to finish at 4,84.13.

The rest of the counters were also in negative territory, with the mining and oil gauge heading the decline at 3.33 percent.

Only the industrial index was spared from the downward trend but this ended just at 0.07 percent.

Total value turnover was thin at P5.529 billion and not surprisingly, market breadth was negative, 120 to 65 in favor of decliners. Fifty-five issues were unchanged.

Traders said investors decided to take profit amid the lack of market moving news.

There was also an overhang of pessimism from last week on concerns about a US recession and the possibility of an overall slowdown in global growth.

“The lack of fresh positive leads amid local economic growth concerns and global uncertainties fuelled the profit taking in yesterday’s session. Industrials managed to survive the sell-off with 0.08 gains. Miners led the decliners, plunging 3.33 percent,” said Philstocks Financials.