PSEi dips ahead of ‘ghost month’

MANILA, Philippines — The local stock barometer slightly dipped on Tuesday as investors lacked fresh leads while the “ghost month” loomed near.

The Philippine Stock Exchange index slipped by 4.94 points or 0.07 percent to close at 6,869.94, however, paring losses in intra-day trade.  Elsewhere in the region, markets were mostly higher as investors speculated on a fresh economic stimulus in China.

The decline was led by the mining/oil counter (-1.32 percent),  which succumbed to profit-taking.

Value turnover for the day amounted to P8.11 billion.  There were 69 advancers, which were outnumbered by 88 decliners while 65 stocks were unchanged.

The holding firm and property counters were likewise lower. On the other hand, the industrial, financial and services eked out modest gains.

Dealers said investors lacked fresh incentives to load up on equities while the Chinese hungry ghost month was about to begin on July 27 through August 24. The “ghost month” refers to the seventh month of the Lunar calendar which, for the Chinese, is considered an unlucky period to start a business, get married or engage in a new investment. It is a period when trading volume thins out across global stock markets since this is the time when Western fund managers usually take their summer vacations.

Investors sold down shares of AGI (-2.9 percent) and Megaworld (-2.8 percent) as well as of LTG (-1.92 percent) while  shares of PLDT, AC, Meralco, EDC and Philex also faltered.

Outside of PSEi stocks, there was profit-taking on Nickel Asia (-5.99 percent).

Meanwhile, BDO, ICTSI, SMIC, Bloomberry, ALI and Globe posted modest gains.

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