Skepticism drags PSEi to another year low | Inquirer Business
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Skepticism drags PSEi to another year low

/ 05:26 AM May 07, 2021

The stock barometer slipped to a new low for the year amid sluggish trading volumes as investors awaited better news on the pace of the country’s COVID-19 vaccine rollout.

The Philippine Stock Exchange index (PSEi) dipped by 16.91 points, or 0.27 percent, to close at 6,282.78, extending its losing streak for the fifth straight session.

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“The market ended lower despite starting the day with some gains, as it could not sustain the early upside momentum,” said Christopher Mangun, head of research at AAA Equities.

“Reports of additional doses of the AstraZeneca vaccine and the arrival of Pfizer vaccines this month … failed to generate optimism among investors. Skepticism is the prevailing sentiment as most would prefer to wait for actual results rather than speculate on potential positive developments,” he said.

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Mangun said the PSEi might continue lower toward its 6,180 support level.

The day’s decline was led by holding firms and the mining/oil counters, which both fell by over 1 percent, while the services counter slipped by less than 1 percent.

The property counter firmed up by 1.46 percent, while the financial and industrial counters added less than 1 percent.

Total value turnover amounted to P5.28 billion. There was net foreign selling of P460.67 million.

There were 126 decliners that edged out 77 advancers, while 44 stocks were unchanged. —Doris Dumlao-Abadilla

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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