MANILA, Philippines — The stock exchange index finished in the green yesterday but value turnover was noticeably thin, a sign of underlying weakness in the market.
The benchmark Philippine Stock Exchange index (PSEi) tumbled by 76.32 points, or 1.00 percent, to close at 7,660.14.
Likewise, the broader All Shares index gained 34.13 points, or 0.72 percent, to end at 4,747.40.
The sectoral gauges were mostly up except for the mining and oil index which ended in the negative zone.
Value turnover reached P4.884 billion. Advancing stocks outnumbered decliners 100 to 84 while 43 issues were unchanged.
“Philippine shares trade positively but with minimal value turnover after a series of moves from the US and China kept investors at bay. The White House officially announced that it is delaying its decision on auto tariffs for six months as expected. The tone of the statement was fairly reserved, in our view and did not explicitly raise the possibility of tariffs.” said Luis Limlingan of Regina Capital.
Total value turnover reached P4.9 billion. Foreign buying was at P2 billion although foreign selling was at P2.8 billion for a net foreign selling of P880 million.
Traders said there was a last minute rally as bargain hunters decided to shop for bargains stocks.