August 30, 2024 | 12:00am
MANILA, Philippines — The stock market’s quest to return to the 7,000 level slipped further away yesterday as stocks tumbled on negative cues from Wall Street.
The benchmark Philippine Stock Exchange index declined for the second straight session, dropping by 0.96 percent, or 66.46 points, to finish at 6,891.55.
Also closing in the red was the broader All Shares index, which declined by 0.70 percent, or 26.26 points, to settle at 3,733.29.
Claire Alviar of Philstocks Financial said the local bourse extended its decline amid continuous profit-taking after the market failed to break the 7,000 resistance.
Alviar said negative cues from Wall Street further weighed on the market, which also affected its Asian peers.
“Sentiment was pulled down from across the region, with US stocks dipping Wednesday, led by a decline in Nvidia as investors awaited its earnings report and the upcoming July personal consumption expenditures price index,” Luis Limlingan of Regina Capital said.
Limlingan said that investors also sold ahead of the August closing and the MSCI rebalancing.
However, despite the market decline, Alviar said foreign investors remained net buyers, registering a net inflow of P897.79 million.
Net market value turnover bounced back strongly to P6.15 billion from the previous day’s P4.61 billion.
Among the sectors, only the mining and oil and property were in the green, increasing by 0.34 percent and 0.13 percent, respectively.
Holding firms were the biggest losers, plunging by 1.98 percent, followed by the financials index which fell by 1.38 percent.
Market breadth was negative as decliners pummeled advancers, 117 to 79, while 51 issues were unchanged.
Ayala Land led the index members, posting a 2.50-percent gain while Converge ICT Solutions registered the biggest drop at 4.29 percent.
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