PH stock index dips for 6th straight session

MANILA, Philippines — The local stock barometer slumped for the sixth straight session on Monday as foreign funds flowed out of the bourse on concerns over equities valuation and the economic impact of “supertyphoon Yolanda” (Haiyan).

The main-share Philippine Stock Exchange index dipped by 80.58 points or 1.32 percent to close at 6,004.26, bucking mostly higher regional markets.

“Market has been testing the 6,000 range and briefly dipped to 5,999 later in the day with continued concerns on the impact of supertyphoon Yolanda. This has caused the PSE composite index to be trading at oversold levels, which we think may be opportunities to pick up a few names such as Puregold which is also oversold,” said Ricky Liboro, director at BPITrade.com.

Liboro said he’s hoping to see a relief rally soon following the news flow and technical aspect of the PSEi.

Manny Lisbona, deputy chief at PNB Securities, said funds have been flowing out of the market in the past weeks. “From the way the peso is trading, it looks like money is going back to the US,” he said.