Stocks retreat as investors realign portfolio

MANILA, Philippines — Share prices fell yesterday as the projected contraction of the Philippine economy, coronavirus disease 2019 (COVID-19) worries as well as the Financial Time Stock Exchange (FTSE) rebalancing weighed down investor sentiment, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) declined 0.52 percent or 33.38 points to 6,315.07, while the broader All Shares index closed 0.80 percent or 29.74 points lower to 3,684.55.

“Local shares closed slightly lower as investors aligned their portfolio with the latest FTSE rebalancing ahead of the weekend,” Regina Capital Development Corp. business development head Luis Limlingan said.

“In addition, stocks generally struggled for direction, as investors weighed the latest economic data and reports about fresh outbreaks of COVID-19,” he added.

This sentiment was echoed by Philstocks Financial Inc., which cited the economic concerns brought by the Asian Development Bank’s projected 3.8 percent economic contraction for the Philippines this year and COVID-19 worries as factors that pulled the local bourse down.

Only the holding firms index closed in the green, recording a 0.13 percent or 8.73 point increase at 6,599.77.

The services index posted the largest decline of the day with a 1.58 percent or 22.41 point drop to 1,395.11.

A total of 129,881 trades valued at P13.4 billion were made, while volume turnover stood at 1.58 billion.

Declines outnumbered advances, 101 to 89, while 54 issues remain unchanged.