Holding Firms sector lone gainer on rainy Tuesday trade

The local bourse on Tuesday ended in red after declining by 40.49 points, or 0.58 percent, to close at 6,882.92 a day after the US market took a trading break in observance of Labor Day.

Most sectors lost, with Services dropping the most by 1.23 percent, followed by Banking, down by 0.78 percent, and Industrials by 0.60 percent.   

Holding Firms was the lone gainer, increasing by 0.11 percent.

According to Luis Limlingan, Regina Capital Development Corp. head of sales, the US stock futures on Monday night held steady as traders braced for a “potentially challenging September” after a “volatile August.”

“With markets closed for Labor Day, the focus shifts to Friday's August jobs report. Historically, September has been the worst month for the S&P 500 over the past decade,” he said in a Viber message.

“Locally, investors are also awaiting the latest CPI, which will be scheduled for release on September 5,” he added.

Meanwhile, Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the peso’s depreciation against the US dollar, likewise, weighed on the market. 

“Trading has been tepid as investors continue to wait for catalysts, primarily the Philippines’ August inflation data to be released this week,” he added.

The net market value turnover was P4.96 billion. Decliners edged Advancers at 109 to 83, while 52 names remain unchanged.

The peso closed at P56.38 as against the dollar.