Stock market continues retreat

MANILA, Philippines —  The stock market  remained in the loss column on its return to action yesterday.

The Philippine Stock Exchange index (PSEi) dropped by 0.94 percent or 63.42 points to end at 6,677.65, extending its losing streak to six.

The broader All Shares index suffered the same fate, declining by 0.95 percent or 33.72 points to finish at 3,525.87.

“Philippine shares took another plunge as investors assessed a hot US March CPI reading that fueled worries the Fed may implement fewer rate cuts than expected,” Regina Capital’s Luis Limlingan said.

“Back home, investors locked in their gains after BSP policy-meeting announcement, causing the PSEi to drop nearly one percent,” he added.

Philstocks Financial research and engagement officer Mikhail Plopenio said investors took cues from the hawkish pause of the Bangko Sentral ng Pilipinas in its recent policy meeting.

“BSP rate cut hopes were tempered amid mounting inflationary risks at home. Also, negative spillovers from Wall Street, driven by the higher-than-expected US inflation for March clouded investors’ sentiment,” Plopenio said.

Plopenio said net market value turnover, however, was   strong at P5.81 billion, higher than the year-to-date average of P5.04 billion.

Local sectors were dominated by those in the red, led by property which plunged by 3.54 percent.

Financials and mining and oil, meanwhile, were the only ones which ended higher, climbing by more than one percent each.

Decliners pounded advancers, 134 to 57, while 50 issues were unchanged.

BPI lead index members with a 2.62 percent jump, while Ayala Land lost the most with a 5.21 percent decline.