PSEi succumbs to slew of negative news

MANILA, Philippines —  The local stock market succumbed to selling pressures following a slew of negative economic developments.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.28 percent or 16.7 points to cap off yesterday’s session  at 5,959.94.

The broader All Shares index likewise inched down by 0.1 percent or 3.51 points, settling at 3,462.70.

AP Securities said that Philippine stocks drifted lower as investors stayed on the sidelines ahead of policy rate announcements from the US Federal Reserve and the Bangko Sentral ng Pilipinas, as well as pricing the disappointing five percent unemployment rate in October.

“The local market pulled back as investors dealt with the World Bank and Asian Development Bank’s downgrade of their Philippine economic growth projections, the decline in September foreign investments, the rise in October unemployment and the weakness of the peso,” Philstocks Financial research manager Japhet Tantiangco said for his part.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected slightly lower after the mostly softer local economic data on employment and foreign direct investments.

Sectoral gauges were again a mixed bag, with mining and oil taking the highest jump at 1.23 percent, while holding firms lost the most with 0.54 percent.

Total value turnover thinned to P6.75 billion from the previous day’s P10.54 billion.

Decliners edged out advancers, 100 to 93, while 63 issues were unchanged.