Thin trades extend market losses
The benchmark Philippine Stock Exchange index (PSEi) retreated by another 25.29 points, or 0.28 percent, to finish at 8,738.72. AFP
MANILA, Philippines — The stock market continued to correct yesterday even as it tried to rake in some gains in early trade, analyts said.
The benchmark Philippine Stock Exchange index (PSEi) retreated by another 25.29 points, or 0.28 percent, to finish at 8,738.72.
On the other hand, the broader All Shares index gained 6.09 points, or 0.11 percent, to finish at 5,130.92.
Most counters, meanwhile, were down except for the property index.
Total value turnover was likewise thin at P7.339 billion.
Despite the pullback, however, market breadth was positive, 113 to 88 in favor of advancing stocks while 54 issues were left unchanged.
April Lee Tan of COL Financial Philippines said some opposing volatility may surf arc similar to what happened in 2015 and 2016. Thus, she advised investors to be “wiser into counter rallies and to know that share supply remains abundant after a major runup which may take time to unwind.”
She said that the index may decline further if support breaks past the 8,700 to 8500 range. “If these are broken, it may perhaps eye between 8,443 or 8,275.”
The market has been correcting after the index reached its highest close ever on January 29 at 9,058.62.
Traders will be looking at corporate earnings and the impact of the newly implemented Duterte tax package — which is expected to spur consumption and drive growth — for directions in the coming weeks.
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