MANILA, 21 April — The market remained almost immobile last week as investors and analysts alike stayed on the sidelines and waited for the results of the first quarter annual reports of the companies listed on the Philippine Stock Exchange (PSE) due out at the end of the month.
Analysts were originally surprised that rosy economic figures failed to spur a rally on the exchange and the market nudged downward 0.28 percent to 1,401.36 points. However, market turnovers were heartening as value traded rose 56.83 percent to 3.5 billion pesos ($69 million) and volume increased 5.25 percent to 1.77 billion shares. The market was keenly awaiting first quarter results for evidence of uptick in fresh investments, Mutual Fund Management Co. of the Philippines President Efren Cruz said.
“The overall theme for the market since the start of the year has been the rebound in confidence in the economic and political environment, but we have now exhausted that lead and we are looking for other things to serve as a catalyst for giving the market a leg-up,” he added.
“Investors adopted a wait and see stance while they await for the first quarter earnings reports,” BPI Securities investment analyst Spencer Yap.