PSEi slips on economic fears, corruption woes
Philippine shares ended the trading week in the red as economic fears and lingering corruption concerns continued to temper investor optimism, prompt profit-taking and extend foreign selling.
The benchmark Philippine Stock Exchange index (PSEi) declined on Friday, with the broader market also closing lower as investors digested headwinds clouding the country’s growth outlook.
Trading remained active, with net value turnover reaching P11.37 billion.
Market sentiment was weighed down by persistent concerns over governance issues and offshore risks affecting the domestic economy.
Investors also assessed the Bangko Sentral ng Pilipinas’ latest expectations survey, which showed both businesses and consumers turning less optimistic about economic conditions over the next quarter and the next 12 months.
Foreign investors were net sellers, recording net outflows of P103.39 million, according to Philstocks Research.
All sectoral indices finished in negative territory, led by the services sector, which sank 3.25 percent. Market breadth was weak, with decliners outnumbering advancers, 110 to 65.
Despite the overall decline, DigiPlus Interactive Corp. emerged as the day’s top index gainer, climbing 7.89 percent to P16.40.
Meanwhile, International Container Terminal Services Inc. dragged on the index, sliding 4.60 percent to P549.50, making it the session’s main laggard.
