Investors cash in ahead of holiday
Credit to Author: TYRONE JASPER C. PIAD| Date: Tue, 20 Aug 2019 16:27:39 +0000
INVESTORS sold off their positions amid the “lack of catalysts,” prompting the stock market to end in the red territory on Tuesday.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.65 percent or 51.44 points to end at 7,886.91, while the wider All Shares decreased by 0.30 percent or 14.13 percent to finish at 4,783.08.
“It was a dull day for the index ahead of tomorrow’s holiday, with volume only amounting to P5.4 billion,” Papa Securities sales associate Gabriel Jose Perez said.
Trading is suspended today in observance of the 36th anniversary of the assassination of former senator Benigno “Ninoy” Aquino Jr.
“With the holiday tomorrow (today), and a lack of clear catalysts for the rest of the week, movement for Thursday and Friday should be influenced by US markets,” said Perez, who maintained the resistance level for the PSEi at the 8,000 mark.
AAA Equities head of research Christopher Mangun said “the market took a breather today and ended lower after the gains that we saw in yesterday’s (Monday) trading.”
PSEi climbed by 1.83 percent or 142.37 points to close at 7,938.35 on Monday after investors opted to buy shares at the last minute, allowing the bourse to recover.
The Dow Jones, S&P 500 and Nasdaq picked up by 0.96 percent, 1.21 percent and 1.35 percent respectively.
Asian markets ended in the mix. Seoul, Tokyo and Singapore added 1.05 percent, 0.55 percent and 0.23 percent respectively. In contrast,
Thailand, Hong Kong and Shanghai slid by 0.42 percent, 0.22 percent and 0.11 percent respectively.
In Manila, all sectors were down, except for property, which climbed by 1.03 percent.
Volume turnover stood at 642.94 million, valued at P5.42 billion.
Losers outnumbered winners, 117-77, while 59 issues were unchanged.