MANILA, Philippines–Philippine stocks on Tuesday dipped as investors stayed on the sidelines while weighing recent gains, an analyst said.
The benchmark Philippine Stock Exchange index dipped by 0.11 percent, or 8.24 points, to 7,271.62. The broader all-shares index was also down by 0.20 percent, or 8.72 points, to 4,304.13.
Data from the PSE showed that the subsectors closed mixed, with services and property firms ending positive, while industrial, financial, holding and mining and oil firms closing in the red.
“There hasn’t been a lot of market-moving news, so it seems to be heading toward consolidation,” First Grade Finance Inc. managing director Astro del Castillo said.
Some 2.3 billion shares valued at P8.36 billion changed hands Tuesday. There were 73 advancers against 102 companies that declined while 49 closed unchanged.
Ayala Land Inc. led the list of most actively traded stocks, followed by Philippine Long Distance Telephone Co.–Miguel R. Camus