Stocks continue to weaken

Local stocks slipped for a fifth straight session but stayed afloat the 6,000 at the close Monday due to the seasonal outflow of “hot money.”

The main-share Philippine Stock Exchange index (PSEi) dipped by 6 points or 0.1 percent to close at 6,008.94 in thin trade.

The decline was led by the property counter (-1.18 percent) while the financial, industrial and services counters also ended in negative territory. On the other hand, the holding firms and mining/oil counters ended slightly higher.

Value turnover was light at P4.58 billion. Market breadth was negative, with 99 decliners and 53 advancers while 40 stocks were unchanged.

“There’s a lot of ‘hot money’ selling,” said Joseph Roxas, president of local stockbrokerage Eagle Equities Inc., referring to the unloading of short-term investments by foreign investors. “There was not enough buying to absorb them.”

The decline was partly due to local factors, Roxas said, referring to concerns on slower growth and higher inflation in the fourth quarter following the havoc wreaked by Supertyphoon “Yolanda.”

Across the region, stock markets were mostly higher as an improved US jobs data for November boosted optimism on economic recovery the developed world. Doris C. Dumlao