PSEi continues to retreat on lack of catalysts

Philippine share prices retreated for the second consecutive trading day on Monday, dragged by the lack of positive catalysts during the session.

The main PSEi lost 35.02 points or 0.48% to 7,203.44 at the closing bell. The broader All Shares index fell 21.18 points or 0.49% to 4,321.30.

Monday's retreat came given the absence of drivers to propel the index forward, said Jervin de Celis, trader at Timson Securities Inc.

"I guess the lack of fresh catalysts that can push the index near 7,500 urge investors to liquidate some shares," he said in a mobile message.

"That are is also a resistance level that our index may find difficult to break for now because this is the level where the PSEi started its steep selloff when the spread of COVID in the country had scared off investors," he added.

De Celis said market players are also currently taking advantage of second and third liner stocks that have been performing well in the past two weeks.

"This may also be a reason why some index heavyweights are taking a dip as players shift from blue chips to penny stocks," he explained.

More than 169.047 billion shares, valued at P10.382 billion, changed hands. Decliners trumped advancers, 137 to 95, and 43 issues were unchanged. — RSJ, GMA News