Index extends losing streak on thin trades

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) started the week on a weak note, losing  3.60 points, or 0.04 percent, to end at 7,867.51. Likewise, the broader All Shares index lost 11.11 points or 0.23 percent to finish at 4,761.24.

Meanwhile, most gauges ended in negative territory except for the property sector which finished strong on optimism about the real estate investment trust (REIT). More and more companies are planning to participate in the REIT landscape.

Total value turnover, meanwhile, was thin at P5.86 billion. Market breadth was negative 149 to 57 while 45 issues were unchanged. 

Christopher Mangun of AAA Securities said most Asian equities markets ended lower yesterday with China and Hong Kong indexes down almost one percent.

 “Here at the PSE, the main index ends slightly lower, down 0.05 percent on low trading volumes again today. It was down more 0.60 percent in early trading, recovering almost all the losses in the afternoon session. Turnover value for the day stood at P5.06-billion slightly better than the daily volume last week but still below the historic daily average,” Mangun said.

 However, foreign outflows are stronger today with net-selling at P811 million.