PSEi back below 6,000
Philippine stocks retreated on Friday as investors pocketed gains from the previous session’s rally, pulling the benchmark index back below the 6,000 level.
The Philippine Stock Exchange Index (PSEi) fell by 0.64 percent or 38.26 points, to close at 5,976.77.
Philstocks Financial Inc. said the market failed to sustain its position above the key psychological level as investors turned cautious anew amid lingering concerns over the peso’s weakness, stagflation risks and domestic political issues.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said the local bourse ended lower as investors reacted to the Philippine peso’s continued depreciation against the United States dollar, dampening overall market sentiment.
Meanwhile, Ron Acoba, chief investment strategist at Trading Edge Consultancy, said inflation concerns continued to weigh on the market as WTI crude oil prices climbed another 2.6 percent, rising above $105 per barrel.
Trading activity remained subdued, with net value turnover settling at P5.5 billion, reflecting weak market participation.
Foreign investors also remained on the sidelines, ending the session as net sellers with outflows amounting to P195.41 million.
Sectoral performance was mixed during the trading day.
The services sector posted the strongest gain after rising 1.59 percent, while mining and oil counters led the decline, shedding 2.52 percent.
DigiPlus Interactive Corp. emerged as the top gainer, jumping 11.58 percent to P12.72.
Bank of the Philippine Islands was the session’s biggest laggard after falling 4.69 percent to P90.35.
Analysts said the local bourse has remained volatile in recent sessions as investors continued to weigh macroeconomic risks.
