Lack of spark stretches PSEI’s losing streak

MANILA, Philippines — The local bourse lost early gains on Wednesday due to the lack of catalysts that could boost investor sentiment, causing the benchmark index to end in the red territory for the sixth consecutive session.

The Philippine Stock Exchange Index (PSEi) was little changed as it shed by 0.04 percent, or 2.77 points, to close at 6,366.03. Likewise, the broader All Shares Index went down by 0.06 percent, or 2.08 points, to 3,438.46.

A total of 363.15 million shares worth P4.07 billion changed hands, stock exchange data showed.

“The local bourse traded mostly in the green. However, due to a lack of fresh catalysts, the market dropped at the last minute,” said Claire Alviar, research analyst at Philstocks Financial Inc.

Lack of fresh catalysts

At the same time, traders were still wary of possibly fewer rate cuts this year, pending the Bangko Sentral ng Pilipinas’ latest policy rate stance, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Consunji-led Semirara Mining and Power Corp. was the top-traded stock as it gained by 0.62 percent to P32.25 each.

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It was followed by BDO Unibank Inc., up 0.83 percent to P134; Aboitiz Equity Ventures, up 1.17 percent to P39; GT Capital Holdings Inc., down 2.76 percent to P564; and Bank of the Philippine Islands, down 0.61 percent to P114.90.

Converge ICT Solutions Inc. was unchanged at P10.50 per share. Other actively traded stocks were Ayala Land Inc., down 0.71 percent to P27.85; SM Prime Holdings Inc., down 1.3 percent to P26.65; Universal Robina Corp., down 0.95 percent to P104; and International Container Terminal Services Inc., up 0.89 percent to P341 per share.

Gainers edged out losers, 99 to 85, while 49 companies closed unchanged. —MEG J. ADONIS