Philippine shares down on lack of catalysts

Share prices on the Philippine Stock Exchange closed in the red on Tuesday amid lack of market-moving catalysts to boost buying sentiment.

The bellwether PSEi shed 14.39 points or 0.23% to 6,136.31 at the closing bell. The broader All Shares lost 5.96 points or 0.17% to 3,599.72.

“As markets abroad inch higher, the PSEi did the opposite and ended slightly lower on low trading volumes,” AAA Equities head of research Chris Mangun said.

“There is little to no action on blue chips issues as most investors are on the sidelines. The market will remain boring until the business environment improves with the loosening up of restrictions,” Mangun said.

Foreigners were net sellers at P582.237 million as foreign selling at P2.502 billion exceeded foreign buying at P1.920 billion.

More than 2.521 billion shares valued at P4.373 billion, changed hands. Advancers led decliners, 95 to 91, and 52 issues were unchanged.—AOL, GMA News