The local stock market lost a little more ground as investors continue to wait for more market moving news.
The PSEi shed 10.13 points or 0.16 percent to close at 6,359.15 with only the Financials counter managing to close in the green.
Volume remained anemic at 3.19 billion shares worth P4.63 billion as losers overpowered gainers 149 to 57 with 43 unchanged.
“Philippine shares closed slightly lower as investors returned back into the US where shares tied to economic reopening rallied on relaxed pandemic restrictions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Property index heavy-weights ALI and SMPH also released their 1Q earnings, which set the tone for today's muted PSEi performance.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse failed to sustain its gains again this Tuesday, ending in the negative territory amid worries over the local economy. “
He noted that, “Selling pressures continued to dominate as our IHS Markit Manufacturing Purchasing Managers’ Index fell back to contraction territory in April with a reading of 49, evidencing the economic setback amid the reimposition of strict quarantine measures in the NCR Plus.”
AAA Equities Head of Research Chris Mangun said “The market ended flat again as the sentiment remains generally cautious. There was less volatility on blue chips while second and third liners saw increased volatility, with several taking substantial losses due to a lack of buying.”
He added that, “The weak sentiment is a result of exhaustion from investors. The resurgence of COVID-19 which led to the back and forth on restrictions underlined the high risk of uncertainty which makes it difficult to make accurate projections of the next 3-6 months.”
Mangun said “Most investors are now on the sidelines waiting for a clearer signal that it isn't going to get any worse from where we are. The daily average of new coronavirus cases continues to decline while the number of those that are getting vaccinated has steadily increased although most believe that the pace is too slow.”