PSEi rises despite lack of market-moving news

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) managed to rise yesterday despite the absence  of market-moving news, analysts said.

The market gauge closed 10.90 points higher at 8,321.98, while the broader All Shares index ended at 4,871.75, down 2.07 points or 0.04 percent.

The sectoral indexes were a mixed bag with the services, industrial and property indexes ending in the red.

Total value turnover remained thin due to lack of enough catalysts to push the market to new levels.

Likewise market breadth was negative, 122 to 80 while 42 issues were left unchanged.

“US stocks retreated last Friday. The Dow Jones was down 0.4 percent as investors were concerned of economic growth,“ Luis Limlingan of Regina Capital said.

Meanwhile, Asian shares pulled back yesterday with investor sentiment hurt by a retreat on Wall Street, while the euro and German stock futures skidded after German coalition talks hit an impasse.

European stock futures were down 0.3 percent, suggesting downbeat openings for the region, with DAX futures down 0.7 percent, CAC futures off 0.2 percent and FTSE futures 0.1 percent lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan was off its session lows to be slightly down, as volatile Chinese shares reversed earlier sharp losses.