PHILIPPINE SHARES slipped further on Tuesday, with the market mostly moving sideways as investors stayed on the sidelines due to the absence of new catalysts.
The benchmark Philippine Stock Exchange index (PSEi) inched down by 0.08% or 5.32 points to close at 6,384.62, while the broader all shares index dropped by 0.05% or 2.10 points to 3,735.54.
“The local market’s sideways movement closed in the negative territory as investors kept a cautious stance amid the lack of fresh leads,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “Uncertainties on global trade also weighed on market sentiment.”
“The PSEi stayed below the 6,400 mark amid cautious trading and a lack of fresh catalysts, with most sectors slipping and thin volumes reflecting investor indecision,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Mr. Limlingan said players are awaiting the release of key US economic data and comments from central bankers for clearer cues.
Asian shares eased on Tuesday, though US futures rose after President Donald J. Trump delayed his threatened 50% duties on European Union (EU) shipments, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%, although Hong Kong’s Hang Seng Index outperformed with a gain of 0.4%.
Markets in the US were closed on Monday for a holiday, making for thin overnight trading conditions and leaving investors latching on to lingering optimism from Mr. Trump’s U-turn on his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline.
Focus for investors this week will be on speeches from a slew of Federal Reserve policymakers and Friday’s US core personal consumption expenditures price index, for clues on the outlook for US rates.
Sectoral indices ended mixed on Tuesday. Mining and oil dropped by 1.44% or 143.55 points to 9,788.83; financials decreased by 0.48% or 11.55 points to 2,392.84; and industrials retreated by 0.46% or 41.20 points to 8,865.74.
Meanwhile, services rose by 0.33% or 6.99 points to 2,127.4; holding firms went up by 0.26% or 14.57 points to 5,447.26; and property climbed by 0.17% or 3.85 points to 2,249.35.
“Bloomberry Resorts Corp. was the day’s index leader, surging 13.86% to P4.60. Puregold Price Club, Inc. was the worst index performer, falling 3.38% to P30.05,” Mr. Tantiangco said.
Value turnover increased to P5.13 billion on Tuesday with 639.26 million shares exchanged from the P4.74 billion with 486.01 million issues traded on Monday.
Decliners outnumbered advancers, 106 versus 90, while 56 names were unchanged.
Net foreign selling went up to P55.76 million on Tuesday from P639,182.05 on Monday. — Revin Mikhael D. Ochave with Reuters