PSEi falls anew on weaker economic outlook
Philippine shares ended in the red again on Tuesday as the sluggish economic outlook and political issues continued to weigh down investor sentiment.
The Philippine Stock Exchange index shed 0.39 percent or 22.46 points to finish 5,756.66.
The broader All Shares also went down by 1.5 percent or 49.25 points to 3,231.55.
Key sectors showed mixed movements, with only the financials, holding firms and property posting gains.
Trading on the local bourse was tepid with net value turnover at P5.67 billion.
“Investors digested then Department of Finance Secretary and now Executive Secretary Ralph Recto’s projection, wherein he sees the local economy growing 4.7 percent to 4.8 percent this year,” said Philstocks financial research manager Japhet Tantiangco.
Recto’s projection is below the Marcos administration’s 5.5 to 6.5 percent growth target. This came as the Philippines saw slower growth in the third quarter, expanding by only 4 percent.
Tantiangco said the nagging issue of corruption had also been dampening confidence in the market.
Ron Acoba, chief investment strategist at Trading Edge Consultancy, also said the recent statements of Sen. Imee Marcos, claiming that her brother, President Marcos, is allegedly a drug user, “[added] another layer of political uncertainty to the market.”
The market closed with 74 gainers, 94 decliners and 60 unchanged.
