Stocks open weaker on lack of catalysts

MANILA, Philippines — The stock market opened the week on a weak note, still unable to find the right catalyst to move back to higher grounds.

The benchmark Philippine Stock Exchange index finished at 7,779.07, down 40.15 points or 0.51 percent. Likewise, the broader All Shares index went down by 15.94 points, or 0.33 percent, to 4,712.87.

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

Total value turnover reached P12.9 billion.

According to traders, there was no last-minute window dressing as investors are likely selling assets to prepare for the upcoming initial public offerings.

“The PSEi underwent a month-end window undressing, instead of window dressing, as the index closed 40.15 points in the red at 7,779.07. Net foreign selling excluding Resorts World Manila block shares amounted to P255 million,” said Gabriel Perez of Papa Securities.

Some issues were down including Bloomberry after disclosing that an arbitration court ordered it to pay damages to its former management partner. Bloom lost 3.9 percent. LT Group was also down 3.9 percent, same with Puregold which lost 3.3 percent.