Foreign funds still leaving PH stock market

The local stock barometer was flat on Friday as foreign outflows continued even as the latest September inflation report was not as bad as initially feared.

The main-share Philippine Stock Exchange index (PSEi) slipped by 15.14 points or 0.21 percent to close at 7,078.20 in thin trade, likewise tracking sluggish regional markets.

Although the inflation rate was not as bad as expected, it was still at its highest in nearly a decade. High prices are also expected to impactg on consumer spending.

Meanwhile, investors also chose to stay on the sidelines amid worries about President Duterte’s health.

For the entire week, the PSEi was stuck in bear territory. It lost a total of 198.62 points or 2.72 percent from last week’s finish of 7,276.82.

The PSEi was weighed down most by the financial, industrial, holding firm and mining/oil counters.

On the other hand, the services and property counters gained.

Value turnover was small at P4.08 billion. Heavy foreign selling continued, with some P885 million net outflows for the day.

There were 129 decliners that edged out 66 advancers while 40 stocks were unchanged.

JG Summit dragged down the PSEi with its 3.44-percent drop while LTG and GT Capital all lost more than 2 percent.

Jollibee, BDO and RRHI all lost over 1 percent while SM Investments and PLDT also slipped.

Globe Telecom and San Miguel both gained more than 2 percent, while Ayala Land—the day’s most actively traded company—added 1.04 percent.

Ayala Corp. also advanced by 1.69 percent while SM Prime, BPI, Metrobank, Meralco and Semirara all gained.