U-turn, u think? Confidence in PH economic recovery raises eyebrows

The benchmark Philippine Stock Exchange Index (PSEi) slid lower on Wednesday as investors stayed on the sidelines, unconvinced by economic managers pointing to signs of recovery despite the health crisis.

By the closing bell on Wednesday, the PSEi lost 0.37 percent, or 22.11 points, to 5,931.33 while the broader all-shares index was down 0.12 percent, or 4.36 points, to 3,544.24.

Trading volume was relatively light at below P5 billion, indicating less participation.

A day before, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the Philippine economy was seeing a “U-turn,” which meant indicators would remain depressed for a while before making a recovery. Bangko Sentral ng Pilipinas Gov. Benjamin Diokno, on the other hand, said the worst might be over.

Among subsectors, only mining and oil and holding firms closed in positive territory while property stocks led losers with a 1.33-percent decline. There were 101 gainers against 89 decliners, while 51 were unchanged.