Philippine stocks drop on lack of positive catalyst

Share prices on the Philippine Stock Exchange fell in active trading Monday, depressed by a lack of positive catalyst to buoy investor sentiment.   “Earlier in the day, we said that people were on a wait-and-see mode looking for the next catalyst, which is a sequel of positive events,” said Grace Cerdeña, head of 2Trade Asia.   In the absence of such a catalyst, Cerdeña said “people took advantage of [the recent uptrend] to pocket their gains, specifically in holding firms, industrials and financials.”   The main PSE index fell 93.71 points or 1.91 percent to close at 4,799.29.   More than 6.270 billion shares valued at P7.163 billion were traded in the morning and afternoon sessions.   Losers led gainers 118 to 47, while 32 issues were unchanged.   The PSEi settled at its 4,800 support level.   “It should hold at this level,” said Erico Claudio, market strategist at Pentacapital Investment Corp.   Claudio noted that the gap between net foreign selling and net foreign buying is closing, a situation that should help the market hold at this support area.   Other markets in the region also fell.   “Asian shares fell on Monday as high oil prices raised concerns about global growth, while signs of fresh steps from major economies to contain the euro zone debt crisis and expectations for the European Central Bank's funding underpinned the euro,” a Reuters report said.   MSCI's broadest index of Asia Pacific shares outside Japan fell 0.7 percent, led by a 1.5 percent drop in the materials sector, Reuters noted.     Chinese shares bucked the trend, with carmakers up after Beijing excluded foreign brands in an early list of models approved for state buying this year, it added. — KBK, GMA News