PSEi extends losses on high US bond yields, inflation
MANILA, Philippines — Local shares fell for the second straight day on Thursday as investors priced in higher bond yields and rising inflation in the United States.
The Philippine Stock Exchange sustained losses at the end of trading, falling down 0.31% to 7,239.28. Yesterday, the local bourse closed in the red as well.
The broader All-Shares index inched up 0.01% while sub-indices were a mixed bag, as shares in mining and oil saw the sharpest increase of 3.25% while property shares sagged 1.72%.
Sought for comment, Luis Limlingan, head of sales at local brokerage Regina Capital, noted that the market's dull performance was due to external factors.
"Philippine shares extended their losses, weighed down by sustained sharply higher bond yields and elevated inflation," he said.
Limlingan noted that rising coronavirus infections globally were also a cause for concern.
Regional equity markets mostly rose on Thursday, amid the Chinese government trimming interest rates which boosted property shares traded in China.
Beleaugured property firm China Evergrande climbed up more than 3%.
Tokyo's benchmark Nikkei index bounced back from losses in recent days as it priced in China's rate cuts, which saw movement after 20 months.
Hong Kong, Singapore, Seoul, Bangkok and Jakarta saw gains but Sydney, Wellington and Taipei edged down.
At home, foreign investors sold P538.9 million more shares than they bought in the stock market. A total of 2.57 billion local shares, valued at P6.15 billion, switched hands on Thursday. — with AFP
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