PHL stocks end mixed as investors dwelled on sentiment overseas

Most Philippine stocks closed lower while the main PSEi crawled up more than 6 points, making for a mixed performance in light to moderate trading Tuesday.

 

“Most investors dwelled on how the European and US markets performed, and the sentiment weighed on early against the market,” said trader Jasper Jimenez of BDO Securities Corp.

 

“Most of the day the market was down, but investors were looking at how the stock futures, which showed US and European market are on the way up, and decided to buy on weakness,” Jimenez added.

 

Investors seemed to be second-guessing the foreign markets, he noted.

 

The main PSEi advanced 6.51points or 0.13 percent to close at 5,169.60.

 

Over 2.092 billion shares valued at P5.693 billion changed hands.

 

Losers led winners 84 to 82, with 41issues unchanged.

 

“Asian shares fell and the euro was under pressure on Tuesday as political uncertainty and slumping business in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession longer,” according to a Reuters report.

 

Overnight on Wall Street, the Dow Jones industrial average closed down 102.09 points, or 0.78 percent, at 12,927.17. 

 

The PSEi touched an intra-day low of 5,133.26 before buyers came in to pare down losses.

 

Despite the market’s mixed performance, the trend is obviously upward, and in index-terms seems gunning break the all-time high of 5,186.20 achieved last week.

 

“The next hurdle looks like 5,200,” said BDO Securities’ Jimenez. —GMA News