MANILA, Philippines - The stock market stayed in negative territory yesterday, ignoring the regional uptrend.
There is still a continued lack of interest in the stock market given the looming US Federal Reserve hike and possibly uncertainties brought about by President Duterte’s declaration of state of lawlessness, analysts said.
The benchmark Philippine Stock Exchange index eased 43.37 points, or 0.55 percent, while the broader All Shares index declined 15.67 points or 0.33 percent to end at 4,614.19.
Likewise, all counters closed in negative territory.
Total value turnover was just P5.84 billion, an indication that investors stayed on the sidelines yesterday.
“The market was unable to join a region-wide cheer, dropping right off the bat. Although it was able to rise marginally above Friday’s close, there appeared to be a burden on the shoulders of investors as prices slipped,” said Justino Calaycay, A&A Securities head for Marketing and Research.
Calaycay said while most try to brush off the declaration of a “state of lawlessness” this may still be a cause of concern for some.
“The influence may be coming from the domestic front,” he noted.
He observed the apparent lack of interest in local stocks – evidenced by minimal, below average value flows – spilled over to the afternoon session with the index hardly moving from its level at the noon break.
The sentiments broke down even further with the PSEI eventually finishing lower by 43 points at 7764.05, Calaycay said.