PSEi falls in thin trading on 'lack of impetus'

The Philippine Stock Exchange index (PSEi) fell in thin trading Thursday, hounded by what an analyst said was a "lack of local impetus" to goad buyers into the market. Buyers were mostly on the sidelines waiting for the right opportunity to come in, knowing that some issues were hovering just above support prices, said analyst Martin Santos of First Metro Securities Brokerage Corp. The PSEi lost 35.83 points or 0.88 percent to close at 4,039.40, according to First Metro’s trading monitors. (The PSE’s online market information was stuck with the trading figures as of 10:51 a.m.) More than 840 million shares valued at P4.1 billion changed hands. Losers led winners 104 to 31 with 37 issues unchanged. The market’s P5.3-billion, 15-day moving average reflects the absence of buyers, Santos said. "The correction is somewhat deep by now, and the market is likely to bounce back with some window-dressing activities for the last two weeks of the year," he added. — VS/TJD, GMANews.TV