The stock market ended the four-day trading week back in the red as investors remained mostly on the sidelines amid uncertainties over the health crisis, traders said.
The benchmark Philippine Stock Exchange index or PSEi closed at 5,928.45, down 37.82 points or 0.63 percent. Likewise, the broader All Shares index dropped 7.97 points or 0.22 percent to finish at 3,500.27.
The sectoral gauges were a mixed bag, with the mining and oil, services and industrial sectors finishing in positive territory.
On the other hand, the financials, holding firms and property subsectors ended in negative zone.
Total value turnover reached P5 billion. Market breadth, however, was positive with 114 advancers to 78 decliners, while 47 issues were unchanged.
“The PSEi ended the week down 1.25 percent. This is its smallest weekly loss in the last four weeks of trading which tells us that selling pressure is waning and buyers can start coming back into the market with less resistance,” Chris Mangun of AAA Securities said.
He said investors are still not confident and are extremely cautious as the business environment remains uncertain.
The stock market will be closed today, July 31, due to the observance of the Eid al-Adha holiday.
Iris Gonzales (The Philippine Star )
Source: Peso Economics
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