Local stock market down on lack of catalysts

Share prices on the Philippine Stock Exchange closed in the red on Tuesday as investors pulled out positions due to lack of market-moving catalysts to lift the market.

The benchmark PSEi shed 60.85 points or 0.93% to 6,457.79 at the closing bell. The broader All Shares lost 34.44 points or 0.86% to 3,953.81.

“The PSEi ended lower today... as selling pressure picked up. The lack of positive catalysts has kept the sentiment subdued,” AAA Equities head of research Chris Mangun said.

“Business restrictions are less restrictive under current MECQ (modified enhanced community quarantine) guidelines, however, the constant rise of cases continue to spook investors,” he said.

More than 1.929 billion shares valued at P6.098 billion, changed hands. Decliners led advancers, 134 to 64, and 50 issues were unchanged.—AOL, GMA News