PSEi slips on lack of fresh leads

MANILA, Philippines — The local stock market posted a slight dip yesterday as investors continued their search for a strong catalyst that would help support a sustained upward trajectory before the year ends.

The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.13 percent or 8.68 points to settle at 6,734.21.

The broader All Shares index, however, managed to eke out a 0.06 percent or 2.17-point improvement to 3,791.77.

“The PSEi closed nearly flat yesterday as investors awaited fresh catalysts, including the release of the November Philippine inflation data on Dec. 5, which will help determine the potential for a rate cut,” Unicapital head of research Wendy Estacio-Cruz said.

“The market is also looking forward to the next FOMC meeting on Dec. 18 and the BSP interest rate decision on Dec. 19,” she said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., also attributed the slight correction to political noise in the country.

Net value turnover grew to P5.39 billion from the previous day’s P4.37 billon.

Only the services as well as mining and oil indexes ended in the positive territory with gains of 0.53 percent and 0.03 percent, respectively.

Holding firms suffered the biggest decline at 0.57 percent.

Market breadth was positive as advancers edged out decliners, 103 to 90, while 48 issues were unchanged.

ICTSI was yesterday’s top traded company, climbing by 1.03 percent o P394 per share, followed by Bank of the Philippine Islands which declined by 0.55 percent to P127.70.