Index tumbles on technical correction
The benchmark Philippine Stock Exchange index (PSEi) closed at 7,936.85, down 0.01 percent or 1.52 points while the broader All Shares index took on a similar track, closing lower by 0.02 percent or 0.95 points to finish at 4,753.72. File
MANILA, Philippines - Share prices ended yesterday in negative territory due to technical correction, analysts said.
Astro del Castillo, managing director at First Grade Finance Inc. said the market went on a technical correction after days of staying in positive territory. “We’re seeing a technical correction,” Del Castillo said.
The benchmark Philippine Stock Exchange index (PSEi) closed at 7,936.85, down 0.01 percent or 1.52 points while the broader All Shares index took on a similar track, closing lower by 0.02 percent or 0.95 points to finish at 4,753.72.
Gainers were led by the financials, holding firms and mining and oil sectors.
Total value turnover reached P9.23 billion even as market breadth was negative.
Decliners outpaced gainers, 105 to 88 while 56 issues were left unchanged.
One of the top gainers during yesterday’s session was LT Group, the holding company of taipan Lucio Tan, which shares went up 6.94 percent to P16.64 per share on news that Japan Tobacco Inc. is in talks to acquire Mighty Corp. for P45 billion.
Traders said JTI is expected to adhere to proper business practices, which is seen to level the playing field in the industry.
Shares of 2GO Group, the logistics company, at the center of an accounting controversy also recovered. Its shares climbed 6.58 percent to settle at P24.30 per share. 2GO Group is now headed by Davao-based businessman Dennis Uy.
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