PHL stocks end mixed in risk off trading

Philippine shares closed on a mixed note Tuesday after the PSEi lost more than 67 points from day’s high early in the session as trading took on the characteristics of a risk off in which people are fleeing from risky assets.

 

“As you can see, the market was sold down, with investors preferring to stay light in a risk off where a rally is  taken as a chance to take profits,” said Ghia Yuson, research analyst for First Metro Securities Brokerage Corp.

 

Yuson noted global uncertainties as the main driver in Tuesday’s trading, saying that foreign investors were obviously the net sellers.

 

Still, the main PSEi advanced 4.43 points to close at 4,958.43, after trading higher at 5,025.86 during the morning session.

 

More than 1.852 billion valued at P4.301 billion.

 

Gainers led losers 79 to 78, with 38 issues unchanged.

 

The European financial crisis remains unresolved, and US economic data not as encouraging as a lot are expecting, said First Metro Securities’ Yuson.

 

She noted that the situation is prompting investors to move out of equities for cash. —GMA News