RP stocks falter despite record value, CEBU listing

Shares on Philippine Stock Exchange faltered Tuesday as investors stayed on the sidelines ahead of corporate reports by listed companies. "We're still in a correction mode. The market will continue to move further the moment some corporate earnings are released this week," said Astro del Castillo, managing director of First Grade Finance Inc. The PSEi shed 7.34 points or 0.17 percent to close at 4,279.53, according to the PSE's online market information as of 12:10 p.m. Advancers led decliners 61 to 58, and 53 issues remained unchanged. More than 2.243 billion shares, valued at a record P33.374 billion, changed hands. Del Castillo said Tuesday's value turnover was due to the "injection" of volume with the maiden shares of the Gokongwei-led Cebu Air Inc. The initial public offering of Cebu Air, listed as "CEBU, flew well today," Del Castillo said. "The market opened in positive territory because investors cheered the listing of the first substantial offering," said analyst Martin Santos of First Metro Securities Brokerage Corp. The market then slipped in correction from its all-time high as investors took profits after a rather steep run-up, Santos said. Traders welcomed the "further correction" as the market is on its overbought levels, Del Castillo said. "We needed to take a breather after the market gained last week," he said. The PSEi closed at its all-time high of 4,286.87 Friday. — VS, GAMNews.TV