Stocks taper off ahead of Chinese New Year
MANILA, Philippines — The stock market declined yesterday ahead of the Chinese New Year holiday break.
The benchmark Philippine Stock Exchange index (PSEi)finished at 8,069.48, down 74.68 points or 0.91 percent.
Likewise, the broader All Shares index was down 16.97 points or 0.34 percent to end at 4,8952.54.
Most of the sectors were down too except for the services and mining and oil.
Total value turnover reached P7.322 billion. On the other hand, market breadth was positive, 124 to 83 while 47 issues were unchanged.
Luis Limlingan of Regina Capital, gave this comment: “Philippine shares trade quietly in the red with the Chinese New Year holiday in full swing. The Chinese market is closed for the CNY holiday and will expect subdue trading volume from Hong Kong with most traders also out on long holiday. The Hong Market reopens on Feb. 8.”
Traders said the lackluster session was unexpected given the short trading week. For the rest of the week, market may continue to trade sideways between 8,000 and 8,200.
On the other hand, market investors are also keenly awaiting the January inflation numbers which are expected to remain benign.
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