Philippine stock continued to decline on Monday due to a lack of potential customers.
The Philippine Stock Exchange Index (PSEI) fell 0.24% or 15.22 points to end with a score of 6,140.35, while the widespread all-stock index fell 0.09% or 3.33 points to 3,683.55 points to close.
This is the worst result for PSEI in four months, or since it ended at 6,138 on April 21.
“The decline of PSEI was extended on Monday,” said Japhet Louis O. Tantiangco, research manager at Philstocks Financial Inc. in a Viber message.
“The local market has also been dragged down by foreign fund outflows, with net sales reaching 145.5 million p145.5 million. The market has been in a six-day winning streak with an average net outflow of 784.418 million per day.”
Net foreign sales fell to pesos 1.4855 billion on Monday and Friday.
Mr Tantiangco said the peso’s recent weakness to the dollar has also confused the stock market.
“Despite a series of declines in recent days, sellers continue to exert control over the market,” Regina Capital Development Corp. said in a Viber message.
“In addition, the recession may reflect the sentiment driven by the forecast, indicating an increase in inflation this month as it was affected by the bad weather that hit the country last month,” he said.
one BusinessWorld The median estimate of August title inflation, which was conducted last week’s poll of 16 analysts, was 1.3%, accounting for 0.9% in July, but was slower than the 3.3% clip in the same month of 2024.
If realized, August will have a sixth straight month of inflation below the 2-4% target range of Sentral Ng Pilipinas in Bangkok.
The Philippine Bureau of Statistics plans to release August inflation data on Friday, September 5.
Mr. Lingan said the market is still waiting to release the latest U.S. job report on the next move by the Federal Reserve.
Almost all sector indexes closed on Monday. Holding companies fell 0.65% or 33.04 points to 5,048.96; services fell 0.47% or 10.37 points to 2,184.49; financial conditions fell 0.29% or 6.18 points to 2,079.32; industrialists retreated 0.1% or 9.39 points to 9,053.05.
Meanwhile, mining and oil soared 4.33% or 432.38 points to 10,414.56, and property climbed 0.08% or 2.14 points to 2,445.74.
Mr Tantiangco said: “Converge ICT Solutions, Inc. was the index leader of the day, climbing 2.57% to P14.36. Chinese banking companies were the worst index performers, down 5.22% to P63.50.”
Value turnover fell to pesos 4.21 billion on Monday, with 1.15 billion shares trading from 6.85 billion shares, and 1.63 billion shares exchanged on Friday.
The number of progressivers exceeded 110 to 96 shedders, while 55 names remained unchanged. – AGC Magno
