PSEi falls on lack of market-moving catalyst
MANILA, Philippines — Local shares fell on Monday amid a lack of a positive catalyst to drive a market rally.
The Philippine Stock Exchange index lost 0.25% to close at 6.676.04 at the start of the trading week. The broader All Shares index, meanwhile, shed 0.19%.
Majority of the sub-indices were in the red, led by the property index which fell 0.73%, and followed by mining and oil (-0.72%), holding firms (-0.58%) and industrial (-0.28%). On the flip side, financials companies gained 1.11% while the services counter went up 0.10%.
“Philippine shares fell, without any leads as Wall St. is on a four-day trading week this week in observance of the Labor Day holiday on Monday,” Luis Limlingan of Manila-based brokerage Regina Capital said in a market commentary.
“There was also some overhang as the US sold down on Friday, with fears that the Fed would stay aggressive in hiking rates to combat inflation,” Limlingan added.
Asian markets were mixed Monday as the positive vibes from a US jobs report were offset by growing fears about an energy crisis in Europe, Chinese Covid lockdowns and geopolitical tensions.
In early Asian trade on Monday, Hong Kong was the biggest loser, with tech firms hit by reports that the United States was considering imposing fresh limits on investments in Chinese firms.
Shanghai, Tokyo, Taipei and Wellington also fell but there were gains in Sydney, Seoul, Singapore and Jakarta.
At home, a total of 822.7 million shares valued at P4.19 billion were traded during the day. Decliners trumped advancers, 101 to 75. — Ian Nicolas Cigaral with AFP
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