Stock barometer back below 6,500 as investors flee to US market
The local stock barometer ended the week below 6,500 in the absence of incentives for investors to come in a big way amid a prolonged COVID-19 pandemic.
The Philippine Stock Exchange index (PSEi) fell by 45.15 points or 0.69 percent to close at 6,494.81. “Philippines shares closed lower [on Friday] as investors flocked back to the US market following their strong bank earnings reports and positive economic data releases, signaling accelerating recovery in the world’s largest economy,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The day’s decline was led by the property counter, which fell by 1.43 percent.
The industrial and holding firm counters both slipped by less than 1 percent.
On the other hand, the mining/oil counter added 1.92 percent, while the financial and services counters both added less than 1 percent.
Value turnover stood at P5.67 billion. There was P522.31 million worth of net foreign selling. Decliners edged out 104 advancers, 108 to 104, while 44 stocks were unchanged.
The PSEi was dragged down by Gokongwei-led JG Summit and RLC, which slid by 3.71 percent and 2.36 percent, respectively. Ayala Land, SM Prime and PLDT all tumbled by over 1 percent.
BDO, SM Investments, Ayala Corp. and Puregold all dipped by less than 1 percent.
—Doris Dumlao-Abadilla INQ
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.