Index halts 4-day upswing, holds just above 6,000
MANILA, Philippines — Stocks ended their four-day upswing yesterday, closing the week just above the 6,000 mark, as investors realigned their portfolio amid a standstill in economic stimulus talks in Congress.
The benchmark Philippine Stock Exchange index (PSEi) slipped 20.87 points or 0.34 percent to finish at 6,076.91, the sixth straight week the index slipped in the red at the close of trading.
On the other hand, the broader All Shares index rose 4.45 points or 0.12 percent to end at 3,596.19.
Total value turnover reached P9.456 billion. Market breadth was negative with 88 advancers to 97 decliners, while 56 issues were unchanged.
Foreign funds bought P5.28 billion worth of stocks and sold P4.76 billion, for a net foreign buying of P527 million.
“Local shares closed lower with funds shifting to track the new weighting of the PSEi which takes effect Aug. 17. Upon the latest review, Emperador will be replacing Semirara Mining and Power Corp.. In addition, sentiment was dragged as stimulus talks continue to drag,” Luis Limlingan of Regina Capital said.
The Philippine Stock Exchange announced earlier that Emperador will replace Semirara in the PSEi starting on Monday, a result of the index review from July 2019 to June 2020.
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