PSEi slides back below 6,000
Philippine stocks ended the week on a sour note, with the benchmark index slipping below the 6,000 level as investors stayed cautious over global risks.
By Friday’s close, the Philippine Stock Exchange Index (PSEi) declined 1.06 percent or 64.56 points, to 5,999.13.
The benchmark index was dragged down by concerns over economic pressures linked to the war in the Middle East.
This marked the market’s return to the 5,900 territory, a level last seen on April 7, when it closed at 5,957.87.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors stayed on the sidelines ahead of the policy meeting of the Bangko Sentral ng Pilipinas (BSP).
“Sentiment was also weighed down after the IMF warned that the Philippines’ heavy reliance on oil imports is testing its economic resilience amid the Middle East energy crisis,” Limlingan said
Philstocks Financial research manager Japhet Tantiangco said investors remained wary that rising oil prices could fuel inflation and prompt tighter monetary policy from the BSP. Both of these could dampen economic growth.
Trading activity was subdued, with net value turnover reaching P5.48 billion, below the year-to-date average of P6.47 billion.
Foreign investors were net sellers, recording outflows amounting to P1.70 billion. This added to the market’s downward pressure.
All sectoral indices finished in negative territory, with conglomerates leading the losses, down 1.91 percent.
Market breadth was also negative, as decliners outnumbered advancers, 100 to 86.
