PSEi extends losses on weak outlook

The Philippine Stock Exchange Index (PSEi) slid anew on Thursday as weak economic outlook continued to spoil investor confidence.

By the end of the trading session, the local bourse shed 0.31 percent or 18.26 points to end at 5,887.58.

The broader All Shares mirrored the decline, falling 0.18 percent or 6.14 points to 3,458.65.

The major sectors showed mixed results, with only services and miners booking wins.

Trading likewise remained tepid with a net value turnover of P5.39 billion.

“Economic concerns kept sentiment weak as the index fell to 5,800, a level last seen on Nov. 19…,” AB Capital Securities said in its market report.

Philstocks financial research manager Japhet Tantiangco said the weaker performance of the index could be blamed on the further depreciation of the peso against the US dollar, which closed at P59.022 on Thursday.

“The local market extended its decline as the peso weakened, declining below the 59 level, amid rising expectations of a BSP (Bangko Sentral ng Pilipinas) rate cut in their December meeting,” he said.

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“Lingering concerns over the Philippines’ economic growth outlook also continued to weigh on sentiment,” Tantiangco added.

International Container Terminal Services Inc. led in growth, inching up by 1.01 percent to P550.50. San Miguel Corp., on the other hand, saw the largest drop by 3.14 percent to P77.

Losers outnumbered gainers anew at 100 to 81, with 71 unchanged.