Stocks take cue from regional downturn

MANILA, Philippines — Share prices went down by 23.49 points to settle at 7,832.22 on the first trading day of September due to regional downtrend.

The broader All Shares index was almost unchanged at 4,772.17.

The sectoral indices were mixed with the property, financials and industrial leading the losers.

Total value turnover, meanwhile, was thin at P5.596 billion. Market breadth was negative, 101 to 85 while 54 issues were unchanged.

Commenting on yesterday’s session, Justino Calaycay of Philstocks Financials said “stocks overseas were generally lower Friday, leaving locals to grasp for hints. Ticker tapes across Asia were covered in red, with all majors in East Asia lower. Among our peers in the Southeast, only Thailand managed to eke out gains as at noon recess.

For the local bourse, trading stayed on an even keel the rest of the session, with bulls just slightly narrowing the morning’s losses, with the PSEi settling at 7,832.22, just 23 points off Friday’s close. Ironically, only the property and industrial sectors posed the drag. Mining and oil rose, while the rest of the sectors were practically flat,” he said.

Inflation for August, seen at 5.9 percent, will be a factor that could affect trading in the coming days. Official data will be released on Sept. 5.