Stocks slacken on lack of market catalysts

MANILA, Philippines — The stock market ended in negative territory yesterday, closing 30.64 points, or 0.38 percent, lower at 7,929.48 due to lack of market catalysts, traders said.

The All Shares gauge was also down by 12.86 points, or 0.26 percent to end at 4,786.45.

The sectoral indices were a mixed bag with the property, holding firms and industrial gauges all ending in negative territory.

Total value turnover declined to P5.22 billion while market breadth was negative 92 to 91. A total of 56 issues were left unchanged.

“The index continues to remain in place as it closed this time 30.64 points down to 7,929.48. While value turnover was still low at P4.8 billion (excluding block sale), this was still relatively better than Monday’s P3.6 billion (excluding blocks sale),” Gabriel Perez of P2P Trade Online said.

Perez said foreigners were now notably net buyers of P610 million, although bulk of that was from SM’s P501 million.

Top gainers were DMCI, up 2.3 percent; PLDT, up 2.3 percent and International Container Terminal Services Inc., up 1.8 percent.

Foreign investors gobbled up GT Capital and PLDT.

On the other hand, Megaworld shed 2.9 percent as did LT Group, which was down 2.7 percent.

“The index’s current sideways range could persist in the near-term on a lack of immediate catalysts for the PSEi. Bias remains upward because of technicals however, with initial resistance pegged at 8,000,” Perez said.