Shares stayed on negative territory on Tuesday, May 22, as trading remained slim due to lack of fresh leads.
The 30-member Philippine Stock Exchange index (PSEi) fell 0.16% or 11.85 points to 7,646.20, remaining in the red for the third consecutive day.
The broader all-shares index also dropped 0.22% or 10.27 points to finish at 4,652.46.
“All important data have been released, and we are at the start of the lean trading months until August. Earnings are just so-so, so I think PSEi will be in a consolidation phase and possible downside over this lean season until ghost month. Investors are looking for catalyst to move forward and they can’t have any at the moment,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said via text.
The positive sentiment from Wall Street’s close on Monday also failed to lift the market. The Dow Jones Industrial Average gained 1.21% or 298.20 points to 25,013.29. The S&P 500 index climbed 0.74% or 20.04 points to 2,733.01, while the Nasdaq Composite index firmed up 0.54% or 39.7 points to 7,394.04, as investors welcomed the easing of trade relations between the United States and China.
The US and China have reportedly put threats of tariffs on hold as they deliberate on trade issues.
Industrial was the lone sectoral counter that gained on Tuesday, rising 0.46% or 49.97 points to 10,946.98.
Mining and oil plunged 1.59% or 161.26 points to 9,986.28, while financials shed 0.8% or 15.24 points to 1,880.51. Property slipped 0.41% or 15.80 points to 3,804.78; services edged 0.21% or 3.25 points lower to 1,523.39; while holding firms ended relatively flat with a 0.01% or 0.94-point decline to 7,513.22.
Turnover was valued at P4.78 billion after some 1.07 billion issues switched hands, slightly up from Monday’s P4.19-billion. Decliners outpaced advancers, 110 to 78, while 45 issues were flat.
Foreign investors continued their selling mode, with net outflows amounting to P628.52 million, higher than the previous session’s P568.47 million.
Twelve of the 20 most actively traded stocks for the day went down, with Bloomberry Resorts Corp. losing 3.59% to P11.80 each and Melco Resorts and Entertainment Philippines Corp. dropping 3.11% to P6.23 each.
Among the day’s gainers were International Container Terminal Services, Inc. (Up 1.46% to P83.20), Jollibee Foods Corp. (Up 1.43% to P284), and Manila Electric Co. (Up 2.31% to P328.40). — Arra B. Francia

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