PSEi bucks regional uptrend

The Philippine stock market bucked the upswing in regional markets, closing in negative territory due to the absence of market moving news, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) ended at 8,375.21, down 9.34 points or 0.11 percent while the broader All Shares index was also down by 12.69 points, or 0.25 percent, to finish at 5,052.79.

Most of the sectoral indexes, likewise, closed in negative territory led by the services, financials, holding firms and mining and oil.

On the other hand, the industrial and property indexes went up.

Total value turnover was thin at P6.579 billion. Market breadth was positive, 125 to 82 while 54 issues were left unchanged.

April Tan, head of research at COL Financial Tan said the PSEi must “hold at 8,337, otherwise, the next support would be 8,130.”

“A range trade may be attempted if a bounce appears. If support breaks, then a little more downside may happen,” Tan said, adding that the next level may be at 8,130 to 8,050.

There was a general lack of catalysts to move the market, said Luis Limlingan of Regina Capital.

“Philippine markets still finished in the red as the broader market lacked a stronger catalysts. Other news kept the market flat to down. President Trump authorized tariffs of 25 percent on steel and 10 percent on aluminium, but with exceptions to Canada and Mexico, that will be perceived as a softening of the measure. However, he warned there would be more tariffs coming,” Limlingan said.