PSEi falls below 7,300 on absence of positive leads

MANILA, Philippines — Share prices fell anew, with the main index cascading down to the 7,200 territory, as the lack of market catalysts continue to keep investors on the sidelines.

The benchmark Philippine Stock Exchange index or PSEi closed at a nearly two-week low 7,299.34, down 50.48 points or 0.69 percent, while the broader All Shares index slipped to 3,933.70, down 24.30 points or 0.61 percent.

Philstocks Financial analyst Japhet Tantiangco said the local bourse fell as investors continued to exit amid the lack of positive leads.

“Investors were also cautious while waiting for the outcome of the Bangko Sentral ng Pilipinas’ latest policy meeting. The market also took cues from Wall Street’s overnight decline,” he said.

AB Capital Securities echoed the same observation, noting that the index tracked lower on the lack of positive catalysts as the market awaits the BSP Monetary Board’s decision on interest rates.

The BSP released the decision after trading hours although the result has been widely expected, keeping interest rates at record lows.

In other Asian markets, shares mostly declined after stock indexes shuffled lower on Wall Street.

“Without a positive lead from Wall Street overnight and a relatively quiet day in terms of economic data, sentiments in the region may be on hold, potentially leading to some sideways movement,” said Yeap Jun Rong, a market strategist at IG in Singapore.

Stocks have been powering mostly higher over the last month as companies have widely reported much stronger profits than analysts expected.