Trader: RP shares close on the weak side

Shares on the Philippine Stock Exchange traded on the weak side Tuesday as the market continued to go through its consolidation phase in the wake of the bull run. It’s a consolidation and people are waiting for the third quarter corporate results, said Paul Joseph Garcia, chief investment officer of ING Investment Management Ltd. The PSE index dropped 24.03 points or 0.57 percent to close at 4,191.25, based on the PSE market bulletin as of 12:10 p.m. More than 2.349 billion shares valued at P4.485 billion shares changed hands. Losers led gainers 86 to 44 with 54 issues unchanged. The numbers are on the negative side as “the bears are out" while most investors wait for the third quarter earnings to come out, said Ivan Nario, a trader of BDO Securities Inc. “The buyers are cautious and in a selective buying mood," Nario said. “On the other hand, the sellers are not that aggressive and are still holding on waiting for the earnings reports," he added. — VS, GMANews.TV