Lack of catalysts pulls down index

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) tumbled yesterday on lack of catalysts, closing 9.48 points, or 0.11 percent, lower at 8,042.04.

Likewise, the broader All Shares gauge shed 12.73 points, or 0.25 percent, to end at 4,900.74

Most of the sectors were down except for the financials and mining and oil gauge.

Total value turnover reached P5.894 billion. Market breadth was negative, 125 to 71 while 44 issues were unchanged.

“Lack of catalysts amid tempered rate cut hopes from the Federal Reserve pulled the local market by 9.48 points or 0.12 percent to 8,042.04. Volume and value turnover registered 1.569 billion and P5.895 billion,” Philstocks Financials said.

Miners and conglomerates lead a broad based decline with losers outnumbering gainers 111 versus 59. Most Asian indices also followed their US counterparts and tempered hopes of a rate cut from the Federal Reserve, it said.

Chelsea Logistics Holdings Corp. was down 9.65 percent to finish at P8.15 per share after enjoying days of rallies.

ISM Communications Corp. was also down P6.07 per share, down 0.77 points or 11.26 percent.

Gokongwei-owned Cebu Pacific meanwhile was down 35.40 points or 37.90 percent to end at P58. However, this was attributed to erroneous trade.

“It’s literally fat fingers,” sources said.

A brokerage firm mistakenly sold Cebu Pacific shares at P58 per share but was supposedly targeting another company, sources said.