Share prices take breather

MANILA, Philippines - The stock market took a back seat yesterday on lack of leads due to  the holidays in some key markets abroad.

The Philippine Stock Exchange index dipped 0.32 percent, or 25.26 points, to close at 7,860.77. The broader All Shares index followed suit and finished 0.19 percent, or 9.36 points, lower at 4,690.78.

“European stocks kicked off the week in slightly negative territory on Monday, with market holidays in the US and UK denting trading volumes,” a report from DA Market Securities Inc. said.

“Philippine market ended in negative territory with investors focusing on developments locally and within Asia while the US was closed for holiday. In addition, funds were switching between specific issues in order to clean up portfolios ahead of the month end window dressing,” Regina Capital Development Corp.’s Luis Limlingan said.

The stock market, however, was not alone in its decline as other Asian equities fell yesterday as well.

Local counters were mostly covered in red, with property and mining and oil sectors taking the biggest blow with losses of 0.52 percent and 0.49 percent, respectively.

Services was the sole counter in the positive territory after ending the day with 0.27 percent gain.

Limlingan said the index is expected to make some corrections but will still hover above the 7,800 level.

“If this continues this will become a new base for us to reach 8,000 in the near term,” he said.