Double whammy sends PSEi looking for cover for 3rd day

The local stock barometer slipped for a third session in a row on Wednesday as the downturn in global oil market and the lockdown uncertainties in the Philippines dampened investor sentiment.

The main-share Philippine Stock Exchange index (PSEi) shed 18.5 points, or 0.33 percent, to close at 5,573.75.

Papa Securities said regional indices were weighed down by weak sentiment in Wall Street, mostly caused by oil volatility. It said the downturn in oil prices “signals much of what we already know about the global economy, but also that the market might not be expecting much of a restart in global activity come June.”

Locally, the brokerage noted investors were also bracing for President Duterte’s announcement on whether the ongoing enhanced community quarantine would be extended, lifted or modified.Papa Securities sees the next support at the 5,000 arena.

The market was weighed down most by the mining/oil and property counters, which both fell by over 1 percent.

The financial and holding firm counters also slipped.

On the other hand, the services counter gained 2.24 percent, while the industrial counter added 0.31 percent.

Value turnover for the day amounted to P5.07 billion. Net foreign selling amounted to P236.22 million. There were 101 decliners that overwhelmed 67 advancers, while 54 stocks were unchanged. —DORIS DUMLAO-ABADILLA