PH shares down amid lack of catalysts

Philippine stocks closed lower as investors opted to secure gains in a market struggling to find exciting catalysts.

The Philippine Stock Exchange Index dropped 0.78 percent, or 47.54 points, to finish at 6,031.48.

The broader All Shares also ended in the red, down 0.36 percent, or 12.49 points, to 3,446.96.

All the major sectors suffered losses on Thursday, with the property sector posting the sharpest decline at 1.62 percent.

Philstocks financial research manager Japhet Tantiangco said the trading session was “anemic,” as the net value turnover only reached P4.88 billion.

“The PSE ended lower as investors engaged in profit-taking despite the peso’s stability against the US dollar,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

“The lack of fresh catalysts kept buying interest muted, leading to a cautious trading session,” he added.

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For his part, Tantiangco said investors “traded cautiously” as they await the United States’ November inflation data, which could shape the Federal Reserve’s policy moves.

Globe Telecom emerged as the index leader, increasing by 2.62 percent to P1,604. ACEN Corp. was the main laggard, declining 4.84 percent to P2.75.

Losers outnumbered winners at 95 to 91, with 66 names unchanged.