PSEi plunges as investors relocate to US markets

MANILA, Philippines — The stock market ended a two-day winning streak yesterday, dipping below the 6,400 level as investors relocated to the US markets after an impressive economic growth in the first quarter.

The benchmark Philippine Stocks Exchange index or PSEi plunged by 116.64 points, or 1.8 percent, to close at 6,370.87, while the broader All Shares index tumbled by 44.93 points, or 1.13 percent, to finish at 3,923.96.

All indexes ended in the red, except for the mining and oil sector which gained 2.08 percent.

A total of P8.62 billion worth of shares changed hands throughout the day. Losers overwhelmed gainers, 110 to 91, while 47 issues were unchanged.

Luis Limlingan, head of sales at Regina Capital, said investors opted to release their shares on the last day of April to transfer to the US market.

The US economy expanded by 6.4 percent in the first quarter, fueled by the Biden administration’s push to accelerate vaccination.

“Investors sold ahead of the weekend as many refocused on the US after another round of positive income reports and the release of first quarter economic data,” Limlingan said in a market analysis.

Thursday also marked the busiest day for the US stock market as companies reported their quarterly earnings that saw big tech Apple and Facebook disclose double-digit growth.