Index tumbles as investors take wait and see stance

The benchmark Philippine Stock Exchange index (PSEi) opened the week on a sour note, ending 14.53 points, or 0.26 percent lower at 5,450.45.

Likewise, the broader All Shares index slipped by 8.01 points to settle at 3,342.72.

Majority of the sectors, however, were up led by the mining and oil, services, property and industrial sectors.

Total value turnover was thin at just P4.067 billion. Market breadth was negative with 112 losers and 88 gainers, while 32 issues were left unchanged.

Traders said market investors continue to wait for clearer signals on how to address the coronavirus disease 2019 or COVID-19 pandemic and how the economy could survive a further extension of the enhanced community quarantine until May 15.

Many in the business sector are feeling the uncertainty as the quarantine continues to be in place.

Some listed companies are also already writing off 2020 and seeing negative growth or loss.

“The PSEi opened lower yesterday on normal selling as buyers stayed on the sidelines to get a feel of the sentiment. After the first few hours of trading, investors realized that selling pressure was light which signaled them to come in. Prices moved higher toward the end of the trading session which allowed the main index to end at its high for the day. Selling pressure may have been light as most Asian markets were moving higher. The recent move by the Bank of Japan was expected, but nonetheless, improved the general sentiment,” said Chris Mangun of AAA Securities.