Share prices retreat ahead of Q3 earnings

MANILA, Philippines — The stock market ended anew in negative territory yesterday as investors wait for the rest of the third quarter corporate income results.

The main composite index went down by 28.48 points, to close at 7,922.50, while the broader All Shares index slipped 4,767.03, down 13.13 points or 0.27 percent.

The sectoral gauges were a mixed bag with the industrial, holding firms and property ending in negative territory. On the other hand, the mining and oil, financials and services gauges finished in the green.

Total value turnover reached P6.97 billion. Market breadth was negative, 110 to 75 while 55 issues were unchanged. 

Traders said market investors continue to wait for the rest of the companies to report third quarter corporate earnings results. 

“Investors booked gains on the last trading day of the week while waiting for the rest of the third quarter corporate earnings,” Philstocks Financials said in a report.

Analysts also said foreign funds dumped their Philippine stocks ahead of the full blast reporting of third quarter results, possibly next week. 

Foreign buying reached P3.1 billion, while foreign selling was at P3.4 billion for a net foreign selling of P307 million.

Foreign participation was at 47 percent while local participation was at 53 percent.