Foreign selling drags down index anew
The benchmark Philippine Stock Exchange index (PSEi) lost 31.49 points, or 0.39 percent, to finish at 7,886.37 while the broader All Shares declined 10.45 points, or 0.22 percent, to settle at 4,708.79. File
MANILA, Philippines - The stock market continued to retreat yesterday as foreign selling remained a major drag for local equities.
The benchmark Philippine Stock Exchange index (PSEi) lost 31.49 points, or 0.39 percent, to finish at 7,886.37 while the broader All Shares declined 10.45 points, or 0.22 percent, to settle at 4,708.79.
Most counters ended in negative territory except for the holding firms and the mining and oil indexes.
Total value turnover, meanwhile, reached P8.14 billion and market breadth was negative, 107 to 94 while 41 issues were left unchanged.
Lexter Azurin, head of Research at Unicapital Securities said the index failed to breach major resistance at 8,000.
Elsewhere in the region, Asian markets were mostly lower yesterday after overnight losses on Wall Street, which in turn, finished lower on Tuesday as it did a major correction after hitting record-high levels.
The Dow Jones industrial average declined 0.3 percent to 21,467.14 while the Standard & Poor’s 500 index shed 0.7 percent to 2,437.03.
Similarly, the Nasdaq composite dropped 0.8 percent to 6,188.03.
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