MANILA, Philippines — Share prices continued to drop yesterday as investors remained cautious amid external market factors and company earning reports.
The benchmark Philippine Stock Exchange Index (PSEi) dropped 0.56 percent, or 48.01 points, to settle at 8,467.56, while the broader All Shares index closed 0.46 percent, or 23.63 points, lower at 5,063.56.
“Philippine markets still managed to close in negative territory in contrast to US stocks, which rose on Thursday but off the high, following a slight retracement on US Treasuries yield,” Regina Capital Development Corp. business development head Luis Limlingan said.
“Financial stocks slid into negative territory, the lone S&P 500 sector to trade lower in an otherwise upbeat day,” Limlingan said.
“Dollar index dipped below 90 in which it led to a rally in the commodities space. European stocks closed slightly lower after paring losses into close as US stocks rebounded after upbeat data on the labor market,” Limlingan added.
Meanwhile, IB Gimenez Securities Inc. research analyst Joylin Telagen said the release of earning reports is one of the market’s main movers.
All sectoral indices except mining and oil ended the week in negative territory.
The financials index posted the largest decline at 1.10 percent, or 24.39 points, to close at 2,177.06.