PHL stocks retreat on lack of market-moving news

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MANILA — Philippine stocks snapped Monday a seven-day climb on lack of market-lifting news locally and overseas.

The benchmark index declined 75.96 points to 7,541.17 from Thursday’s 7,617.13 finish.

Friday, July 17, was declared a regular holiday throughout the country in observance of Eid’l Fitr or the Feast of Ramadhan.

”There is no market-moving news. The ghost month of August is also approaching thus investors are shying away from the market for the meantime,” said First Grade Finance Inc. managing director Astro del Castillo in a phone interview.

Del Castillo said market players are also concerned over the decline in the inflow of foreign direct investment investments (FDIs) into the country.

But he expects the market to bounce back within the week on the back of bargain hunting.

The mining and oil sector plunged 6.25 percent, leading the market’s decline.

Only the sub-indice of the services sector was in the positive territory, rising slightly.

The volume turnover was thin at 1.28 billion shares valued at Php12.76 billion.

Decliners dominated advancers, 92 to 68, while 52 issues were unchanged.