Index snaps rally as Wall Street drops

MANILA, Philippines — The stock market’s recovery was short-lived as market investors decided to take a breather.

Traders said the market was affected by the sluggish mood in the region and in the US market.

The benchmark Philippine Stock Exchange index (PSEi) lost 37.49 points or 0.51 percent to finish at 7,265.45.

Likewise, the broader All Shares gauge was down 37.49 points, or 0.51 percent, to close at 4,371.64.

Except for the industrial index, all sectoral indices closed in negative zone.

“The local bourse fell due to pessimistic spillovers from US markets, but managed to hold its ground above the bear market line of 7,262.70. It closed at 7,265.45, down 37.49 points or 0.51 percent. All sectors declined except for the industrials which managed to make a comeback. The miners incurred most losses, down by 5.04 percent,” Philstocks Financials said in a commentary yesterday.

Total value turnover was at P7.06 billion. Market breadth was negative, 127 to 64 while 48 issues were unchanged.

Among the top gainers were AbaCore Capital Hodings Inc., Filinvet Development Corp. and Aboitiz Equity Ventures which rose 12.2 percent, 6.6 percent and 3.1 percent, respectively.

On the other hand, top losers were ISM, PXP Energy and Xurpas Inc., which lost 18.6 percent, 14.9 percent and 14.6 percent, respectively.