MANILA, 19 May — The Philippine market hardly moved last week although it did manage a correction of less than a percentage mostly due to the lack of broad issues in the domestic economy and even on the corporate side of things.
The market indicator moved down 0.08 percent, losing 1.14 points before closing at 1,349.63 points.
“It’s the same mixed tone,” Spencer Yap of BPI Securities, Inc. said, explaining that buying was still selective, not broad-based.”
Thus turnovers managed slight increases with value turnover rising 10.61 percent to 3.28 billion pesos ($66.1 million). Volume turnover also rose 16.76 percent to 1.44 billion shares.
Cautious investors continued to dictate the market’s performance with the lack of enough driving factors getting in the way of stronger trading.
Not a few market participants are keeping their funds docked as they continue to wait for new developments or anything much better than the corporate earnings reported since the start of the week.
Although slight increases were noted in the turnovers last week, analysts noted that this has been thinning the previous weeks.
“I think people might still be concerned about the budget deficit…it was due to revenue shortfalls and that’s bad going forward,” Eagle Equities Inc. President Joey Roxas said.