PSEi ends lower as market waits for catalysts

MANILA, Philippines — The local stock market reverted back to negative territory yesterday due to the lack of catalysts for investors to return to the equities market.

The benchmark Philippine Stock Exchange index (PSEi) closed at 5,841.60, down 19.79 points or 0.33 percent.

Likewise, the broader all Shares index slipped to 3,521.10, down 9.88 points or 0.28 percent.

The rest of the sectors were a mixed bag, with the holding firms, services and property ending in the red, while the financials, mining and oil and industrial finishing in positive zone.

Total value turnover remained thin at P5.67 billion. Market breadth was negative, 109 to 88, while 52 issues were unchanged.

AB Capital Securities said the market has no direction for now, while waiting for more signals on the economy.

“The PSEi is directionless ahead of release of key economic data. The local index whipsawed throughout the session and closed 19 points lower as the market wait for the manufacturing data as well as the interest rate decision which will come out by Thursday,” AB Capital said.

Major upcoming local economic data include bank loans due on Sept.30; domestic liquidity growth, also due on Sept.30 and the Philippine Manufacturing Index set to be released on Oct. 1.

Investors are also waiting for the monetary policy-setting meeting of the Bangko Sentral ng Pilipinas on Oct. 1.