Stocks retreat anew as investors look for leads

Share prices retreated for a second straight day as investors continue to look for leads for an aggressive buying stance, despite a mix of positive earnings results.

“Although we have seen a semblance in the overall market internals, much leaves to be desired to merit a no-nonsense, aggressive buying stance even as we move closer to the heat of the earnings cycle,” said Justino Calaycay of Accord Capital.

The benchmark Philippine Stock Exchange index shed 57.43 points or 0.75 percent to close at 7,532.52 yesterday while the broader All Shares index likewise declined to 4,320.60, down 27.33 points or 0.62 percent.

Similarly, the Financials index declined to 1,643.65, down 17.95 points or 1.08 percent as with the Industrial index which ended at 11,387.76, or down 100.64 points or 0.87 percent.

Other indices in the red are the Holding Firms index which ended at 6,835.85, lower by 75.18 points or 1.08 percent while the Services index finished at 2,097.15, down 21.13 points or one percent.

On the other hand, the Mining and Oil index gained 118.12 points, up 1.01 percent to settle at 11,717.29 while the Property index rose 15.48 points or 0.49 percent to close at 3,172.98.

Total value turnover amounted to P7.25 billion as decliners continue to edge out advancers, 109 to 67, while 43 stocks were left unchanged.

Calaycay said the timing of the US Federal Reserve’s interest rate move as well as developments in China are among the external factors that continue to provide an overhang of uncertainty in the market.