Index mirrors Asia downtrend

The stock market was unable to hold steady yesterday even as share prices rose higher during early trade.

By the end of the session, the benchmark Philippine Stock Exchange index (PSEi), closed lower by 0.36 percent, or 26.52 points, to finish at 7,232.47.

Likewise, the broader All Shares gauge shed 0.24 percent or 10.73 points also to settle at 4,384.35.

Trading volume was likewise thin, ending the day with P4.39 billion. Not surprisingly, decliners outnumbered advancing stocks, 103 to 84 while 54 stocks were left unchanged.

The sectoral indices were a mixed bag, with the mining and oil, financials and services indices all closed in positive territory while the holding firms, property and industrial counters closed in the red.

For the second straight day, Asian stock markets closed lower on Monday as investors continue to keep a close watch on US President Donald Trump’s speech to Congress this week on his spending plans.

Investors are awaiting his speech to get closed on how he would carry out promises to cut taxes while boosting infrastructure spending. Overall, investors have welcomed Trump’s pro-business agenda but are keenly waiting its implementation.

“Philippine markets closed in the red as the US indices were artificially pushed up while Asian counterparts mostly traded in negative territory,” said Luis Limlingan, managing director at Regina Capital.