RP share prices drop on lack of market-lifting news

Share prices on the Philippine Stock Exchange closed mostly lower Tuesday on lack of market-lifting news, as the main PSE index continues to tread on record high levels. An analyst with BDO Universal Bank characterized the market as having "moved sideways and waiting for developments." The PSEi advanced by 1.24 points or 0.03 percent to close at 4,123.95 as of 12:10 p.m., according to the PSE online market information. More than 3.673 billion shares valued at P5.335 billion changed hands. Losers outpaced gainers 78 to 60, and 44 issues were unchanged from Monday’s close. The Philippine market took its cue early in the session from the 48-point drop posted by the Dow Jones industrial average overnight in New York, the BDO analyst said. Most Philippine investors see that the market remains cheap, with a price-earnings ratio of 13.69 as of Tuesday, but they are waiting for a pullback. “Basically, they are waiting for a correction," the BDO analyst said. “They want to come in at better levels." —VS, GMANews.TV