PSEi dips below 6,300 on lack of fresh leads

MANILA, Philippines — The local stock market opened the week in the red territory as investors stayed on the sidelines amid lack of fresh leads.

The bellwether Philippine Stock Exchange index (PSEi) shed 0.56 percent or 35.5 points to close yesterday’s session at 6,261.80.

The broader All Shares index likewise slipped by 0.18 percent or 6.3 points, settling at 3,432.87.

AB Capital Securities said the PSEi held above 6,300 for most of the session before a sharp market-on-close selloff pushed it to the day’s low.

It said turnover fell to its fifth lowest year-to-date, pointing to continued lack of conviction.

Trading was tepid as total value turnover stood at P4.59 billion.

Luis Limlingan of Regina Capital said the local index ended lower as the market remained choppy amid subdued trading activity.

“Investors stayed on the sidelines while awaiting fresh positive catalysts to drive market sentiment. Cautious positioning continued to limit buying interest and kept the market range-bound,” Limlingan said.

Sectoral gauges were a mixed bag, with mining and oil posting the largest gain at 3.4 percent, while services registered the biggest drop at 1.48 percent.

Advancers overpowered decliners, 113 to 85, while 58 issues were unchanged.

First Gen was the top traded stock, plummeting by 11.4 percent to P27.20 per share after First Philippine Holdings said it turned down KKR’s offer to buy a portion of its stake in the company.

It was followed by ICTSI, which fell by 1.93 percent to P963, and Alliance Global Group, which rose by 2.86 percent to P9.72.