Stocks weaken as investors pore over earnings results

The stock market weakened yesterday as investors digested the first quarter corporate income results, anaysts said.

The benchmark Philippine Stock Exchange index (PSEi) shed 0.87 points, or 0.01 per- cent, to finish at 7,815.53. Similarly, the broader All Shares index was down 8.62 points or 0.18 percent to end at 4,648.26.

Most counters likewise ended in negative territory except for the financials and the services index which managed to gain.

Total value turnover reached P8.95 billion. Decliners outnumbered advancing stocks, 124 to 81 while 33 issues were left unchanged.

Many companies have already started reporting their first quarter earnings results which market investors are currently digesting.

On Monday, the last day for filing income statements, more companies are expected to report their latest income performance.

Aside from digesting companies’ first quarter results, investors also took profits for the third time this week after last week’s positive runs.

Elsewhere in the region, Southeast Asian stock markets were flat to lower as Asian investors tracked Wall Street, which in turn were dragged down by a selloff in shares of department stores.