MANILA, Philippines — On the last trading day before the Holy Week break, the local stock market failed to hold up and sustain a short-lived recovery on Tuesday.
Thus, the Philippine Stock Exchange index (PSEi), the local stock market barometer, ended in negative territory anew falling below the 8,000-mark.
The PSEi ended at 7,979.83, down 67.20 points or 0.83 percent, while the broader All Shares index was also in the red, shedding 13.90 points or 0.28 percent.
The sectoral indexes, meanwhile, were a mixed bag.
Closing in positive territory, albeit with minimal gains, were the industrial, financials, services and mining and oil sectors, while closing negative were the holding firms and the property counters.
Despite the PSEi drop, market breadth remained positive, 113 to 83, while 54 issues were unchanged.
Total value turnover, meanwhile, reached P7.815 billion.
With the prevailing trading level of the market, Chris Mangun, head of Eagle Equities, said the market may even fall to the 7,200 level.
Traders, nonetheless said investors could stay in the market as long as they maintain a defensive stance.
Elsewhere, Asian stocks also declined, dragged by tech stocks which extended losses following selloffs of their US peers overnight.