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Business

Lack of catalysts drives PSEi down  

Iris Gonzales - The Philippine Star
Lack of catalysts drives PSEi down   
The benchmark Philippine Stock Exchange index (PSEi) closed below the 6,400 level to  6,379.17, down 153.13 points or 2.34 percent, marking its fifth consecutive day of decline.
STAR / File

MANILA, Philippines — The local stock index fell to its lowest level in over nine months yesterday, bucking the trend in most Asian markets, as continued economic headwinds and lack of clear catalysts weighed on investor sentiment.

The benchmark Philippine Stock Exchange index (PSEi) closed below the 6,400 level to  6,379.17, down 153.13 points or 2.34 percent, marking its fifth consecutive day of decline.

Likewise, the broader All Shares index slipped 59.81 points or 1.70 percent to finish at 3,457.40.

AB Capital Securities said the local market closed in the red as decliners outpaced advancers, 126 to 68, while 41 stocks were unchanged, on a value turnover of P10.8 billion.

The sectoral gauges were mostly down except for property, the lone index that ended in positive territory.

Traders said most investors are still keenly awaiting the composition of the economic team of presumptive president Ferdinand Marcos Jr.

Around Asia, shares bounced back from losses earlier in the week, shrugging off data showing US wholesale prices soared 11 percent in April from a year earlier.

The regional rally followed a mixed and muted close on Wall Street.  Investors are puzzling over what’s next with inflation and the US central bank’s response to it. Trading has been volatile, with indexes prone to sharp swings as investors try to shield their portfolios from the impact of the highest inflation in decades.

Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term, for the first time Thursday acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.

Powell had earlier sought to portray the Fed’s efforts to tighten interest rates as consistent with a so-called “soft landing” for the economy.           

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