July 23, 2019
THE stock market slipped on Monday as investors took a pause ahead of the State of the Nation Address (SONA) which came shortly after market close.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.28 percent or 23.24 points to close at 8,246.83. The wider All Shares declined by 0.32 percent or 16.04 points to finish at 4,994.67.
Regina Capital Development Corp. head of sales Luis Limlingan said market players were on a wait-and-see mode for President Rodrigo Duterte’s 4th SONA, adding that the market lacked fresh leads to buoy trading, a view echoed by Philstocks Financial Inc.
The local market traded in line with its regional peers, as Tokyo decreased by 0.23 percent, Shanghai fell 1.27 percent, Hong Kong declined 1.47 percent, Seoul dipped 0.05 percent, Jakarta lost
0.48 percent, Singapore slipped 0.81 percent, and Bangkok was down by 0.42 percent.
On Friday, Wall Street’s main indices were also down, with the Dow Jones, S&P500, and Nasdaq shedding 0.25 percent, 0.62 percent, and 0.74 percent, respectively.
In Manila, most sectoral indices finished lower except for holding firms, up 0.11 percent.
More than 862 million issues were traded valued at P5.98 billion.
Losers led winners, 103 to 80, while 61 issues were unchanged.
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