Index eases on lack of market–moving news

MANILA, Philippines — The  stock market stayed in negative territory yesterday due to the continued absence of market-moving news, analysts said.

The benchmark index was down by 21.84 points, or 0.28 percent, to settle at 7,672.28, while the broader All Shares gauge was also down 13.80 points, or 0.29 percent, to close at 4,664.94.

Jonathan Ravelas, chief market strategist at BDO, said the market is still unable to recover due to the lack of market-moving news.

A trader from a foreign brokerage said the market was unable to get a boost from some Asian stocks, which closed marginally higher yesterday as US and Chinese officials seemed eager to fix the trade war between the two superpowers.

The sectoral indexes were a mixed bag with the mining and oil, holding firms and industrial indexes closing in negative territory.

Total value turnover was thin at P4.216 billion. Market breadth was negative as decliners outnumbered  gainers, 115 to 86. Fifty-three issues were left unchanged.

Asian stocks were steady yesterday amid caution over developments in US-China trade negotiations, while the dollar perched near a five-month peak after the benchmark US Treasury yield hit its highest in seven years.

Spreadbetters expected European stocks to open mixed, with Britain’s FTSE dipping 0.1 percent, Germany’s DAX rising 0.13 percent and France’s CAC little changed.