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.
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