Weak investor appetite pulls down PH shares

The local stock barometer ended flat on Thursday, uninspired by the fresh quarter-percentage interest rate cut by the US Federal Reserve.

The main-share Philippine Stock Exchange index (PSEi) dipped by 3.97 points, or 0.05 percent, to close at 7,911.32 in thin trade.  Elsewhere in the region, trading sentiment was mixed.

Locally, some investors stayed out of the market to prepare their war chest for upcoming initial public offerings (IPOs), while others took their cue from the drop in US stock futures.

The PSEi was weighed down by the holding firm, services and mining/oil counters.

On the other hand, the interest rate-sensitive property counter gained 1.25 percent.

The financial and industrial counters also edged higher.

Value turnover for the day was thin at P4.11 billion ahead of big public offerings.

Coconut product manufacturer Axelum Resources is set to finalize its IPO pricing.

Its offering, which can reach up to P6.5 billion, will run from Sept. 24 to 30.

The Villar family’s home improvement retailer AllHome, which plans to raise up to P18 billion, will start its public offering on Sept. 30 through Oct. 4.

There were 108 decliners that trumped 86 advancers, while 53 stocks were unchanged.