Market slips as investors wait for fresh leads

MANILA, Philippines — The local stock market was off to a slow start this week as investors waited for fresh leads.

The benchmark Philippine Stock Exchange index slipped by 0.12 percent or 9.10 points, settling at 7,406.63.

The broader All Shares index was also in the negative territory, declining by 0.03 percent or 1.23 points to end at 4,080.29.

“Shares had a tepid start as equities begin a new trading week with more earnings scheduled for release in the coming days,” Luis Limlingan of Regina Capital said.

Philstocks Financial research manager Japhet Tantiangco said that investors took a cautious stance while waiting for new positive catalysts, primarily the third quarter corporate results.

Tantiangco said yesterday’s trading was anemic with net value turnover at P2.89 billion, lower than the year-to-date average of P5.2 billion.

Foreigners were net buyers with net inflows amounting to P161.44 million.

Sectors finished the session with mixed results, with the mining and oil index posting the largest increase at 0.45 percent, while property recorded the biggest drop at 0.24 percent.

Market breadth was negative as decliners edged out advancers, 113 to 104, while 53 issues were unchanged.

Among the index members, Century Pacific Food posted the highest gain at 1.57 percent, while Converge ICT Solutions lost the most at 1.99 percent.

BDO was the top traded company, climbing by 0.61 percent to P165 per share, followed by Bank of the Philippine Islands which declined by 0.42 percent to P142.50.