Share prices tumble on lack of fresh leads

MANILA, Philippines — Lack of fresh catalysts pulled down the stock market to its sixth consecutive loss yesterday.

The benchmark Philippine Stock Exchange index failed to maintain its uptrend early in the session, declining by 0.04 percent or 2.77 points to settle at  6,366.03.

A minimal drop of 0.06 percent or 2.08 points was likewise recorded by the broader All Shares index, settling at 3,438.46.

“Philippine shares traded flat with the index falling with little market-making activity on lower than average value turnover. Investor continued to factor in the likelihood of fewer rate cuts this year,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse traded mostly in the green yesterday but due to a lack of fresh catalysts, the market dropped at the last minute.

Alviar said foreign investors weighed further on the market, recording a net outflow of P594.67 million.

“For the past six trading days, the market has experienced net foreign selling, amounting to P1.88 billion,” she said.

Yesterday net market value turnover stood at P3.88 billion.

Most sectors posted gains, led by services, which increased by 0.94 percent.

Industrial and property were the only two counters in the red, dropping 0.89 percent and 0.77 percent, respectively.

Market breadth turned out positive as advancers edged out decliners, 99 to 85, while 48 issues were unchanged.

Bloomberry recorded the biggest jump among index members with a 1.80-percent gain, while Century Pacific Food lost the most at 3.15 percent.