Selling pressure continues to hound PSEi

MANILA, Philippines – Foreign selling continued to plague the stock market as concerns on both the domestic front and the upcoming meeting of the US Federal Reserve continue to hound investors.

The benchmark Philippine Stock Exchange index declined 31.52 points, or 0.42 percent, to finish at 7,550.27.

Total value turnover reached P8.59 billion, with decliners outnumbering advancing stocks, 131 to 65 while 47 stocks were left unchanged.

On a month-to-date basis, foreigners have sold P10.348 billion more than they purchased, narrowing their year-to-date accumulation to net purchases of P37.634 billion. This peaked at P59.573 billion exactly a month ago, said Justino Calaycay of A&A Securities.

Calaycay said this translates to an average net selling of P1.614 billion in the last 20 session days.

The broader All Shares index, on the other hand, has improved by 39.53 points or 0.87 percent to 4,573.87.

The sectoral indices, meanwhile, saw mostly decliners with only the industrial index closing higher by 65.12 points at 11,691.95.

Calaycay said President Duterte’s declaration of a State of Emergency added to the uncertainties.

“The intensification of ‘political risks’ – first as the government placed the entire country under a State of Emergency due to Lawless Violence, then the President’s tirade against the US prior to, during and now, after the SONA” added to the domestic concerns, he said.