Stocks tumble on lack of leads

MANILA, Philippines — Shares prices tumbled yesterday due to the absence of fresh leads.

Traders said there were no new catalysts to entice investors to go back to the market.

Thus, the benchmark Philippine Stock Exchange index finished in negative territory, declining by 22.08 points, or 0.28 percent, to end at 7,725.01.

Likewise, the broader All Shares gauge was down 16.42 points, or 0.34 percent, to end at 4,765.43.

However, the sectoral indices were a mixed bag, with the mining and oil, holding firms and property sectors ending in positive territory.

Total value turnover was thin at P5.531 billion.

“The lack of fresh leads and lingering trade war worries dragged the PSEi by 22.08 points to 7,725.01. Value turnover was thin at P5.531 billion. Sectors were mixed with miners at forefront, up 0.57 percent and services at tail end, down 1.10 percent. Losers edges gainers 99 versus 83,” said Philstocks Financials.

It said that the stock market joined most Asian markets which closed lower on lingering US-China trade concerns.

The US-China trade war has been lingering with no resolution in sight in the near term. A full-blown war could hurt the economies of both super powers which would affect the rest of the world including the Philippines, analysts said.