MANILA, Philippines — Stocks made a turn for the worse yesterday as selling pressure prevailed, plunging the main index to its lowest level in nearly two months.
The benchmark Philippine Stock Exchange index or PSEi fell below the 7,000 mark once more, closing at 6,977.16, down 94.34 points or 1.33 percent while the broader All Shares index slipped to 4,168.96, down 81.69 points or 1.92 percent.
It was the lowest level for the PSEi since Nov. 27 last year.
Traders said investors are dumping shares amid the lack of positive corporate news and stronger catalysts to stay in the market. Prospects of further reopening the economy have dimmed, as health authorities recently reported more cases of the UK COVID-19 variant in the country.
Total value turnover was at a whopping P11.56 billion as big and small fund managers unloaded their shares. Market breadth was starkly negative, 209 to 29, while 31 issues were unchanged.
“The PSEi’s recovery on Monday was short lived as it continued lower (yesterday). Selling pressure picked up even further which drove buyers away,” said Chris Mangun of AAA Southeast Equities.
“The main index ended below the psychological support of 7,000 which may trigger more selling in the coming days,” he said.