Stock prices slumped on Thursday, July 19, amid thin trading as investors stayed on the sidelines due to lack of leads.
The benchmark Philippine Stock Exchange index (PSEi) gave up 0.85% or 63.50 points to close at 7,387.87, immediately reversing the previous session’s gains. The broader all shares index also lost 0.67% or 30.07 points to 4,462.44.
“I’m waiting for market catalyst to bring back the action to at least year-to-date average volume or more. And I don’t expect much market demand until earnings start to trickle in the next few weeks,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said in a text message.
The services counter was the lone sub-index that managed to stay afloat yesterday, albeit at a mere 0.03% increase or 0.4 points to 1,451.16. The rest declined, led by holding firms which dropped 1.5% or 109.38 points to 7,197.93, followed by mining and oil that slipped 0.76% or 74.30 points to 9,665.99.
Property went down 0.62% or 22.60 points to 3,622.38; financials slipped 0.46% or 8.49 points to 1,826.48; while industrial declined 0.21% or 22.29 points to 10,528.20.
Some 672.72 million issues switched hands, valued at P3.69 billion, slowing down from Wednesday’s P4.25-billion turnover.
Decliners prevailed for the day at 117, versus 72 stocks that advanced and 46 others that remained unchanged.
Out of the 20 most actively traded stocks, 13 declined, including Ayala Corp. (down 2.96% to P950), Metropolitan Bank & Trust Company (down 0.36% to P69.50), SM Investments Corp. (down 1.1% to P900), and GT Capital Holdings, Inc. (down 4.13% to P929).
The same list showed only five stocks in positive territory, led by third telco aspirants Transpacific Broadband Group Int’l. Inc., which jumped 5.88% to 54 centavos and EasyCall Communications Philippines, Inc. up 18.61% to P32.50. — Arra B. Francia
