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PSEi dips to 1-year low on lack of fresh leads


Philippine share prices trended lower to at the lowest level in a year on Tuesday as buyers continued to get sidelined by a lack of market-lifting leads.

The bellwether PSEi lost 119.11 points or 1.54 percent to 7,600.36 at the closing bell, the lowest since it closed at 7,601.40 on April 4, 2017.

The broader All Shares declined by 59.32 points or 1.27 percent to 4,617.77.

“I think investors are staying on the sidelines due to lack of new catalysts or solid news that will move the market,” Harry Liu, president at Summit Securities, said.

“The US-China trade war and the possible interest rate hikes have already been digested. So with the lack of fresh leads on these developments, investors are staying on the sidelines,” Liu noted.

Regina Capital Development Corp. managing director Luis Limlingan said the sell down was definitely due to lack of new catalysts.

Foreign funds bought P3.364 billion shares and sold P3.539 billion for a net selling position of P175.324 million.

More than 2.301 billion shares valued at P6.053 billion, changed hands. Decliners led advancers, 143 to 68, and 40 issues were unchanged. —VDS, GMA News

Tags: phlstocks
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