^

Business

Stock rally pauses ahead of big IPOs

Iris Gonzales - The Philippine Star
Stock rally pauses ahead of big IPOs

The benchmark Philippine Stock Exchange index (PSEi) tumbled 42.60 points, or 0.54 percent, to finish at 7,772.93 while the broader All Shares gauge dipped 16.09 points or 0.34 percent. File

MANILA, Philippines - The stock market retreated yesterday as most sectoral indices made a disappointing performance, analysts said.

Trading was also muted as most investors prepare for the  major initial public offerings (IPOs) of Eagle Cement Corp. and Cebu Landmasters Inc.

The benchmark Philippine Stock Exchange index (PSEi) tumbled 42.60 points, or 0.54 percent, to finish at 7,772.93 while the broader All Shares gauge dipped 16.09 points or 0.34 percent.

All the sectoral indices ended in the red, except for the holding firms, which stayed afloat at 7,930.85, up 30.05 points or 0.38 points as the country’s conglomerates reported steady first quarter results.

Total value turnover reached P7.48 billion with market breadth in the negative as well. Decliners outnumbered advancing stocks, 112 to 85 while 50 issues were left unchanged.

Analysts said most investors are preparing for the launch of  two major IPOs.

One is that of Eagle Cement Corp. the soon-to-list cement company owned by the Ang family, which is targeting to list on May 29.

Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with