Stocks end down in thin trade
The country’s benchmark index ended lower Monday, weighed by Gokongwei conglomerate JG Summit Holdings, which fell sharply amid a lethargic trading session.
The Philippine Stock Exchange index (PSEi) closed down 0.05 percent, or 3.15 points, to 6,343.25. The broader all-shares index also declined 0.11 percent, or 4.14 points, to 3,864.86.
A total of 539.06 million shares changed hands for P6.53 billion, well below the market’s daily average. The PSEi was up early in the session mainly as investors tracked positive overseas sentiments before the weekend.
“Local shares joined the cheer but continued to meet stiff resistance from sellers, capping the advance and even threatening to send the measure back in the red. Deep into the afternoon session, the bulls finally caved in to the pressure, allowing the bears to take the day,” Jun Calaycay of Accord Capital Equities said in a research report.
“The earnings season is practically over and the results, despite some disappointments, are in line with expectations. Quarterly numbers are, on average, up 10 percent year-on-year while the nine-month totals run alongside the expected pace of 25 percent—at least referencing PSEI component counters which make up a substantial piece of the entire Exchange-listed companies’ combined market capitalization,” he added. Miguel R. Camus
