PSEi closes the year in the red due to lack of positive catalysts

Philippine share prices failed to rebound from earlier losses given the absence of fresh leads on Tuesday, effectively closing the year in negative territory.

The main PSEi fell 31.53 points or 0.45 percent to 6,952.08. The broader All Shares index lost 5.69 points or 0.14 percent to 3,990.47.

More than 1.200 billion shares, valued at P6.457 billion changed hands. Advancers edged out decliners, 101 to 72, and 43 issues remained the same.

"The market was down on a lack of catalyst since most investors stayed on the sidelines ahead of the long weekend," Lexter L. Azurin, head of research at Unicapital Securities Inc. said in a phone interview.

There will be no trading on December 30 and 31, and January 1.

"Given today's volume, it's basically just lack of catalyst," Azurin said.

Tuesday's figures brought the full-year performance down by 278.49 points or 3.85 percent, BPI Asset Management said in its daily market recap.

According to Azurin, 2015 in general was a "volatile year," with the market rising by as much as 12 percent in the first quarter. It failed, however, to sustain its momentum and fell the latter part of the year.

"We started strong but towards the end we tripped heading to the finish line. We snapped," Luis A. Limlingan, business development head at Regina Capital Development Corp. said in a separate interview.

"People are now very cautious and not as bullish as they were," he said.

Looking forward, 2016 is seen to be a "challenging year."

"2016 will continue to be a challenging year for the market since you have uncertainties globally—specifically on the health of the US and China," Unicapital's Azurin said. — BM, GMA News