MANILA, Philippines – The local benchmark index took a step back yesterday following last week’s ascent as it joined the downtrend in the region.
The Philippine Stock Exchange index (PSEi) ended almost flat, slipping 0.07 percent or 5.56 points to close at 7,485.32.
The All Shares index, meanwhile, moved on the other direction, inching up 0.19 percent or 8.36 points at 4,384.61.
“The local market rejoined its peers in the region after staying shut for most of last week. Results were mixed with Japanese indexes higher, drawing on a yen strengthened by investors seeking safer havens in light of a drop in Chinese stocks,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.
“Playing catch-up, prices retreated off last week’s close with the index easing off this year’s second all-time record,” Calaycay said.
Local counters were mixed at three apiece. Counters in the green were led by mining and oil firms which picked up 1.10 percent while those in the red were headed by the services firms which declined 0.77 percent.
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Market breadth stayed in the positive territory as advancers edged out decliners, 93 to 85, while 42 stocks did not change.
Value turnover, however, thinned to P8.06 billion from last Wednesday’s P13.45 billion.
“The PSEi, even as it retraced some of its steps, remains close to record. Developments overseas dictate that we even tighten the lid a bit more,” Calaycay said.
