Traders on sidelines ahead of rate cut announcements, PSEi slips

MANILA, Philippines — The stock market ended in negative territory yesterday, down 16.94 points, or 0.21 percent, to end at 7,915.29.

Traders said stock market investors did not have much incentive to go back to the market and would rather wait for the upcoming decisions of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The broader All Shares gauge was likewise down by 7.77 points, or 0.16 percent, to close at 4,786.43. 

The sectoral gauges meanwhile were a mixed bag. The holding firms, financials and mining and oil indices finished in the green while the property, industrial and services gauges ended in negative zone. 

Total value turnover was thin at P6.74 billion. Market breadth was negative, 107 to 90 while 43 issues were unchanged.

Gabriel Jose F. Perez of Papa Securities said it was indeed another dull day for the index as the market waited on the Fed’s decision — although the market has already factored in a 25 basis points cut. 

“The index ended 16.94 points in the red at 7,915.29. Foreigners were net sellers  at P207 million,” he said.

Losers yesterday included Jollibee Foods Corp., International Container Terminal and Globe Telecom which were down 3.2 percent, 2.5 percent and 1.8 percent, respectively.

Ayala Land Inc. and BDO, meanwhile, had the highest net foreign selling figures at P99 million and P95 million.