Index eases on lack of market-moving news

The local stock market retreated anew yesterday, ignoring the regional rally as investors opted to take a wait and see stance while waiting for corporate earnings results, analysts said.

The Philippine Stock Exchange index (PSEi) declined 28.31 points to close at 7,215.09, while the broader All Shares index lost 0.77 points to settle at 4,271.42

All counters ended in negative territory, led by the financial and industrial firms.

Total value turn over reached P6.70 billion as decliners outnumbered advancers, 99 to 86 while 52 stocks were left unchanged.

Analysts said the market failed to join Asian peers in the rebound as fund managers digest the earnings results.

Elsewhere in the region, Asia Pacific stock markets closed mostly higher yesterday led by a rally in Japan. Tokyo’s Nikkei gained 3.7 percent, Australian shares hit their highest since early 2016 while New Zealand shares . hit a new record high.

In China, both the CSI 300 and the Shanghai Composite indexes closed 0.3 percent higher.

Oil’s rise from lows around $27 touched in February, along with signs of an improving US. economy and the US Federal Reserve’s cautious approach to raising interest rates, have helped lift stocks on Wall Street and elsewhere in recent weeks, analysts said.