Trading in the Philippine Stock Exchange (PSE) was subdued on Thursday with volume of 1.6 billion shares valued at P5.5 billion, but there was significant interest in Tanduay Holdings and banks’ shares.
Most active was Tanduay at P611.72 million worth of shares following the firm’s transformation into a holding corporation of Lucio Tan companies. Tanduay’s price gained 49.80 percent
The main PSEi dropped 5.32 points or 0.1 percent to close at 5,293.4.
Property, mining and oil issues weighed down the market with 1.33 percent and 1.47 percent sectoral declines, respectively.
The property sector is going through a correction phase after being on positive territory or an 8 to 10 percent increase in the past two weeks, according to research analyst Ghia Yuson of First Metro Securities Brokerage Corp.
Shares of some listed banks – like the Security Bank, Bank of the Philippine Islands and Banco De Oro – were also actively traded following these bank’s releases of positive corporate earnings in the second half, the analyst said.
But the earnings reports failed to drive the market up due as there was a lack of significant foreign leads from Wall Street, said Freya Natividad, head of research at F. Yap Securities Inc.
“Trade was flat gliding with the Wall Street overnight performance,” Natividad said.
The Dow Jones industrial average on Wednesday declined 37.62 points or 0.3 percent to 12,971.06, while the Nasdaq composite index slipped 19.31 points or 0.7 percent to 2,920.21.
Local players were also on a “wait and see position” for the results of the European Central Bank meeting later today on measures to protect the euro, Natividad added.