Share prices slide on lack of fresh leads

MANILA, Philippines — The stock market weakened yesterday as investors continue to look for catalysts and clearer signs on the direction of the US-China trade war.

The benchmark Philippine Stock Exchange index finished in negative territory, closing at 7,771.62, down 52.97 points or 0.68 percent.

Likewise, the broader All-Shares index also slipped by 25.50 points or 0.54 percent to end at 4,653.54.

Most of the other gauges were down as well except for mining and oil, which managed to rise by 0.63 percent.

Total value turnover was thin at P4.7 billion. Market breadth was negative, 118 to 68 while 46 issues were left unchanged.

“Lack of fresh local leads urged profit taking yesterday, pulling the local market down by 52.97 points at 7,771.62. Volume and value turnover registered one billion and P4.68 billion, respectively,” said Philstocks Financials, noting that miners were the only gainers.

BPI Securities, the stock brokerage arm of Ayala-led BPI, sees the index hitting 8,150 this year.

“I think 8,150 is still possible,” BPI Securities president Haj Narvaez said in a press conference yesterday.

For next year, the stock brokerage company is anticipating a more favorable outlook for the country. Thus, Narvaez said BPI Securities has a PSEi index target of 9,000.

Narvaez expects 2020 earnings growth for the PSE index to match this year’s figure of 12 percent. He said next year’s growth in earnings would likely be fuelled by banks, property and the consumer sector.