The local stock barometer slumped for the sixth straight session Monday as foreign funds flowed out of the bourse on concerns over equities valuation and the economic impact of Supertyphoon “Yolanda.”
The main-share Philippine Stock Exchange index dipped 80.58 points or 1.32 percent to close at 6,004.26, bucking mostly higher regional markets.
“The 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 typhoon 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 [which are] oversold,” said Ricky Liboro, director at BPITrade.com.
Liboro said he was hoping to see a relief rally soon following the news flow and technical aspect of the PSEi. Doris C. Dumlao