PSEi extends slide on rising US yields
Philippine stocks extended their decline on Tuesday as rising US Treasury yields and persistent tensions between the United States and Iran dampened investor appetite.
The benchmark Philippine Stock Exchange Index (PSEi) shed 0.87 percent, or 50.47 points, to close at 5,738.4.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi ended lower as the market remained cautious amid elevated crude prices.
“Overall, investors remained defensive amid concerns over the impact of higher oil prices and a weaker peso on the domestic economy and corporate earnings,” Limlingan said.
Participation remained weak, with net value turnover reaching only P5.25 billion.
Foreign investors also continued to pull funds from the market. Net foreign selling amounted to P973.48 million, adding pressure to the main index.
All sectoral indices ended in negative territory. Industrials suffered the steepest decline after falling 1.2 percent.
Only six firms of the PSEi finished the session with gains, showing that selling pressure was spread across the market.
AREIT Inc. was the top-performing index stock, climbing 1.9 percent to P37.50.
RL Commercial REIT Inc., meanwhile, recorded the biggest loss among index companies. Its shares fell 4.62 percent to P6.20.
Analysts said market participants are expected to continue tracking movements in US bond yields and geopolitical developments that could affect oil prices.
Foreign fund flows will also remain a key indicator of market sentiment, especially as subdued turnover shows that many investors are still staying on the sidelines.
******
Get real-time news updates: inqnews.net/inqviber
