Stocks pull back on lack of leads

MANILA, Philippines — Share prices retreated yesterday as investors took to the sidelines on the absence of positive catalysts.

The main 30-company Philippine Stock Exchange index (PSEi) finished at 7,438.93, down 13.89 points or 0.19 percent, while the broader All Shares index added 3.77 points or 0.10 percent to 3,934.31.

Total value turnover reached P6.815 billion. Market breadth was positive, 107 to 77, while 56 issues were unchanged.

“The index edged lower on lack of leads, as the market hesitates to push above 7,500 without any good catalysts. However, reopening optimism gave a boost to post-pandemic plays in gaming, retail, entertainment, and travel sectors,” AB Capital Securities said in a note.

Around Asia, stock markets were mixed after US Federal Reserve policymakers indicated they are leaning toward more decisive action on inflation but set no firm targets.

Wall Street’s benchmark S&P 500 index rose while the Dow Jones Industrial Average declined Wednesday after notes from the latest Fed meeting showed officials suggested a faster pace of interest rate hikes “would likely be warranted.”

The minutes “showed a lack of clear commitments on the size of rate hikes and balance sheet reduction,” said Yeap Jun Rong of IG in a report. That suggests the Fed’s attitude might be “less hawkish than previously thought.”

Investors also are watching the potential for a possible Russian invasion of Ukraine.

Markets rallied after Moscow said it removed some troops near the Ukraine border, but Western officials expressed doubt about that.

Energy markets have been volatile because Russia is one of the biggest oil producers. Any military action that disrupts supplies would jolt prices and global industry.