THE MAIN INDEX remained under 6,000 amount on Thursday because of the absence of a powerful catalyst, which pulled it lower at the end of trading.
Even the 30-member Philippine Stock Exchange index (PSEi) dropped 30.45 points or 0.51 percent to close 5,902.39, whereas the broader all shares index dipped 9.00 points, or 0.25 percent ended at 3,553.56.
Head of Research, Christopher John Mangun stated in an email that PSEi finished lower despite opening higher as selling pressure outweighed buying.
The principal index opened at 5,955.55 and struck a top at 5,973.59 intraday before settling in its low for the afternoon at the end of the session.
Philstocks Financial, Inc. Research associate Claire T Alviar stated in a text message that the lack of non-confirmation that coronavirus has flattened by the Department of Health is the key drag on my opinion.
Local coronavirus instances stood at 245,143 on Wednesday, following 3,176 new cases had been reported. Metro Manila and neighboring regions stay below a comfortable lockdown.
On the other side, holding sectors dropped at 76.74 points or 1.24percent to 6,095.86; services dropped 7.71 points or 0.52percent to 1,471.01; and industrials trimmed 0.35 or less than 1 percentage to 8,030.41 at the end of the trading session.
Value turnover Thursday fell at P5.96 billion, together with 770.87 million problems switching hands, greater than the preceding day’s P5.1 billion together with 838.18 million problems.
Although, trading volumes picked up, which is a sign that more investors want to come in at present levels. It might continue higher on the coming trading day of this week as bargain seekers select up battered stocks,” AAA Southeast Equities’ Mr. Mangun explained.