Stocks fail to sustain recovery as US, regional markets slow down – Philippine Star

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MANILA, Philippines — The stock market failed to sustain its recovery during yesterday’s session as traders said the local bourse tracked sluggish regional markets.

The benchmark Philippine Stock Exchange index (PSEi) slipped to 8,129.62, down 15.38 points or 0.18 percent while the broader All Shares gauge went down 4.66 points or 0.09 percent to finish at 4,781.40.

Meanwhile, the sectoral indexes were a mixed bag, with the property, mining and oil and holding firms index all closing in negative territory.

On the other hand, the services, industrial and financials index all ended in the green.

Total value turnover, meanwhile, was a reflection of the lackluster trading day, ending at just P6.62 billion. Foreign buying was at P3.25 billion while foreign selling reached P3.96 billion.

Market breadth was likewise negative, 95 to 90, with 59 issues unchanged.

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In a commentary, COL Financial said the PSEi is continuing with its corrective trend.

“The break below 8,200 may drive a reactive swing first between 8,037 and 7,860,” COL said.

Asian markets declined yesterday after US stocks dropped overnight. Japan’s Nikkei 225 shed 1.97 percent to 22,177.04, recording its biggest percentage drop since March.