PSEi further retreats on lack of catalysts

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) further dropped below the 8,000 mark yesterday, losing 81.21 points or 1.02 percent to finish at 7,908.99.

Likewise, the broader All Shares index was down 42.19 points or 0.86 percent to end at 4,842.72.

It was also a red letter day for all sectors with the services, industrial and financials leading the decliners.

Total value turnover was also thin at P5 billion as investors stayed away from the market.

Decliners outpaced gainers, 136 to 70, while 43 issues were unchanged.

Traders attributed this to the lack of market moving news.

“Net foreign selling largely depressed the index today as it fell 81.21 points to close at its intraday low of 7,908.99. Net foreign selling amounted to P587 million. Volume, meanwhile, was low on account of a lack of immediate catalysts, at only P5 billion,” said Gabriel Perez of Papa Securities.

Decliners were led by JG Summit, which was down 3.5 percent; PLDT, which lost 2.9 percent; and GT Capital which also lost 2.8 percent.

PLDT, SM Prime Holdings and Ayala Corp. had the highest net foreign selling prints of P123 million, P93 million and P58 million, respectively.

“Issues to watch out for in the coming days would be how US markets move in response to the US Fed’s upcoming meeting,” Perez said.