PSEi slips below 6,000 on profit taking
The local stock barometer dipped as investors pocketed gains following a four-day rally, with weaker economic growth projections further dampening market sentiment.
The Philippine Stock Exchange Index fell by 0.75 percent, or 45.42 points, to finish at 5,976.17.
The broader All Shares Index, meanwhile, climbed 1.12 percent, or 39.64 percent, to 3,574.82.
Only the financials and mining and oil sectors ended in the positive territory, with property seeing the biggest drop.
According to Philstocks financial research manager Japhet Tantiangco, trading remained “active” as the net value turnover hit P7.48 billion.
“Today’s sideways movement ended in the negative territory as investors took profits from the local market’s preceding four-day rally,” he said.
Both Tantiangco and Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also cited the recent projections from S&P Global Ratings and Asean+3 Macroeconomic Office, which slashed growth forecasts for the Philippine economy this year.
“Sentiment was also likely weighed down by a lower growth outlook amid ongoing trade pressures. These factors collectively pressured the market throughout today’s session,” Limlingan said.
The tempered growth outlook came as the country logged its slowest economic expansion yet in four years last quarter. This, as the market received the brunt amid the rampant corruption practices in government’s infrastructure projects.
The index closed with 89 advancers, 93 decliners and 66 unchanged stocks.
