Stocks weaken anew as negative bias persists

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) weakened by the end of trading yesterday, retreating by 42.62 points, or 0.61 percent to close at 6,926.20.

Likewise, the broader All Shares index lost 16.91 points, or 0.39 percent, to finish at 4,252.97.

The sectoral indices were also mostly down with the industrial, holding firms and services leading the decliners. On the other hand, the mining and oil and property closed in positive territory.

Total value turnover reached P6.639 billion. Market breadth was negative, 127 to 68 while 44 issues were unchanged.

“The index looked set to recover throughout the day after some weakness in the morning, but was unfortunately sold down at the close to end 42.62 points lower at 6,926.20,” said Gabriel Perez of Papa Securities.

Net foreign selling, meanwhile, continued to hound the market with P607 million.

Traders said the weakness from US markets last Friday added to the negative sentiment.

Justino Calaycay of Philstocks Financials said movements in overseas markets overnight may continue to affect trades.

“The challenge of restoring the gauge above the line, or at the very least, keeping it above the 6900-psychological support line will be the order of the day,” he said.

The Bangko Sentral’s rate decision on Thursday will also affect the market even as investors are expecting the regulators to keep their hands off the tweak button.