Lack of trading impetus brings down stocks anew

MANILA, Philippines — The stock market finished in the red anew yesterday, taking the cue from peers in the region and because of the lack of strong catalysts.

The benchmark Philippine Stock Exchange index slipped by 21.48 points, or 0.27 percent, to finish at 7,933.76.

It was the same for the broader All Shares index which lost 5.91 points, or 0.12 percent, to end at 4,778.20.

Majority of the sectoral indexes were down as well except for the mining and oil and the property gauges which finished in positive territory.

Total value turnover was thin at P4.67 billion. Market breadth was negative, 91 to 82, while 61 issues were left unchanged.

Despite the decline in the stock market, foreign buying yesterday prevailed.

Foreign buying reached P3 billion, while foreign selling amounted to P1.9 billion for a net foreign selling of P1.1 billion.

“With no strong catalyst, the local market declined following the setback on Brexit which could delay the United Kingdom’s leave from the European Union on Oct. 31,” Philstocks Financials said in a report.

Third quarter corporate earnings, which are only starting to come in may provide the much needed catalyst to perk up the market, traders also said.