7,000 slips from PSEi’s grasp … again
The stock market ended another choppy session, with the Philippine Stock Exchange index (PSEi) dropping nearly 100 points on Monday ahead of the release of January inflation data.
The PSEi tumbled 1.29 percent, or 90.77 points, to 6,936.61 while the broader All Shares index shed 0.83 percent, or 30.78 points, to 3,674.68.
“Philippine stocks were sold ahead of the January inflation print [today], and investors kept cash with many awaiting the latest economic updates globally,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.
The Bangko Sentral ng Pilipinas, which is looking for signs of consumer prices peaking, earlier said January inflation might have reached 7.5 percent to 8.3 percent, potentially surpassing the 8.1-percent high last December.
Shares were sold down as risk-averse investors stayed on the sidelines. Data showed 1.24 billion shares valued at P9.95 billion changed hands while foreign investors were net sellers to the tune of P1.44 billion.
The PSEi also had just completed another revamp in its composition.
