Listless trades send main index lower

MANILA, Philippines — The benchmark Philippine Stock Exchange index traded weakly for most of the day yesterday following Wednesday’s rally, sending the main composite index down by 7.94 points, or 0.10 percent, to close at 7,931.30.

On the other hand, the broader All Shares index was flat at 4,857.

The sectoral indices were a mixed bag with the services, industrial and mining and oil finishing in the green.

On the other hand, the holding firms, property and financials indices ended in the red.

Total value turnover was thin at P7 billion. Market breadth was positive, 106 to 90 while 56 issues were unchanged.

Traders said investors remained skeptical on corporate earnings. Majority of the earnings will be released next week.

In all, traders said the market is looking for big catalysts.

“The market isn’t going anywhere,” a trader said.

“The PSEi may have taken a slight breather after Wednesday’s 100 point run-up. Net foreign buying amounted to P522 million,” said Gabriel Perez of Papa Securities.

Among the decliners were Aboitiz Equity Ventures which was down 2.3 percent, DMCI, which shed 1.7 percent and Robinsons Retail which lost 1.1 percent.

There were among yesterday’s biggest losers.

Perez said it is also important to note that investors would be watching the US markets for the rest of the week.

He sees support for the index at the 7,700  to 7,800 level, while resistance is in the 8,100 to 8,200 area.