MANILA, Philippines - The Philippine Stock Exchange index (PSEi), fell below the 7,000 level yesterday as investors stayed on the sidelines due to a lack of stronger leads and after lackluster sessions in US and European markets.
The PSEi tumbled 16.39 points, or 0.23 percent, to close at 6,983.72, while the broader All Shares index tumbled 1.83 points, or 0.04 percent, to finish at 4,039.03.
All other indexes – the financials, industrial, holding firms and services closed lower.
Analysts said most investors kept to the sideline, while those who took action did so on the sell-side, pulling the PSEI lower for a sixth day.
“An uneventful session in US and Europe markets overnight left local investors grasping for strings to latch on to. With leads from the domestic front even thinner, most kept to the sidelines while those who took action did so on the sell-side, pulling the PSEi lower for a sixth day,” said Justino Calaycay of Philstocks Financial.
Calaycay said earnings have started to climb – at least to within our estimated range – for the nine-month period, even as quarter results have so far turned out flat, year-on-year.
As of yesterday, 60 companies that have made a report posted an aggregate net income of P38.747 billion, slightly lower than the P38.918 billion in the same quarter last year.
Given the flat-to positive results so far, Calaycay said, the market should steady around current levels.
Value turnover amounted to P7.80 billion as decliners outnumbered advancers, 89 to 70 while 53 stocks were left unchanged.