Bloodbath continues at PSEi

FILE PHOTO: Philippine Stock Exchange Index (PSEi). INQUIRER FILES

The bloodbath at the Philippine bourse continued Wednesday, with stocks sliding into the 6,700 level as investors continued to digest a second Donald Trump administration alongside mixed corporate earnings results.

The benchmark Philippine Stock Exchange Index (PSEi) fell by 1.41 percent, or 95.78 points, to 6,714.33. The broader All Shares Index slipped by 0.73 percent, or 27.88 points, to close at 3,792.46.

A total of 592.15 million shares worth P6.94 billion changed hands, data showed.

READ: Asian markets extend losses as Trump fears build

This marks the sixth consecutive session that the PSEi has declined. The stock barometer is now down 11.12 percent from its recent peak of 7,554.68 on Oct. 7, when traders were still high on news of interest rate cuts.

Claire Alviar, assistant manager for research at Philstocks Financial Inc., said investors were still absorbing the US election results, as president-elect Trump is expected to implement tariff hikes that could lift interest rates anew.

“Local investors were also assessing third-quarter earnings performance,” Alviar said. “So far, results have been mixed: some sectors, like banks, are still posting impressive growth, while others, such as leisure, are showing dismal results,” she added.

Among the companies that released earnings results on Wednesday were conglomerates Ayala Corp. (down 0.15 percent to P657) and SM Investments Corp. (down 1.85 percent to P900). Both companies delivered higher earnings in the first nine months of the year.

Casino operator Bloomberry Resorts Corp., which reported a 58-percent decline in net income, slid by 7.30 percent to P6.86 per share.