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Lack of buyers leaves bourse back in the red

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Lack of buyers leaves bourse back in the red

THE local bourse returned to the negative territory as it saw a lack of buying on Tuesday.

The benchmark Philippine Stock Exchange index (PSEi) slid by 0.52 percent, or 32.91 points, to its intraday low of 6,356.47, while the wider All Shares shed 0.51 percent, or 19.96 points, to end at 3,910.32.

AAA Equities Head of Research Christopher Mangun said selling pressure did not pick up significantly, but “lack of interest from buyers due to the uncertainty on the economy’s recovery” kept the prices lower.

He noted the number of daily coronavirus disease 2019 (Covid-19) cases locally has been declining, but is “not significant enough to improve the investor sentiment.”

The Philippines breached the 1 million mark on Monday after recording 8,929 new Covid-19 cases.

“Fears of tighter restrictions for the coming weeks remain, which may urge more selling in the coming sessions,” Mangun added.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said investors focused on the latest corporate earnings both locally and abroad.

“After BPI (Bank of the Philippine Islands), Meralco was the next index heavyweight to report first quarter results, which are being analyzed by investors to give a snapshot to the health of the local economy,” Limlingan said.

The mining and oil index was the sole gainer among local sectors at 1.43 percent, while the rest declined with property at the forefront at 1 percent.

Total volume turnover was at 1.88 billion shares valued at P4.61 billion.

Losers edged out winners, 119 to 83, while 51 securities were unchanged.