Stocks down for 3rd straight day

MANILA, Philippines — Share prices retreated for a third consecutive day yesterday as investors continued to stay on the sidelines due to the lack of positive impetus to trade, brokers said.

As the market remains in a pessimistic mode amid the coronavirus pandemic, the bellwether Philippine Stock Exchange index (PSEi) further shaved off  72.05 points or 1.17 percent to end at 6,064.26, while the broader All Shares index shed 30.63 points or 0.85 percent to close at 3,569.09.

All subsectors, except mining and oil, finished in negative territory.

A total of P4.501 billion worth of shares changed hands, with 105 losers to 89 gainers while 35 issues were unchanged.

Traders said investors continue to dump their shares and avoid the market as the outlook on second quarter economic growth, as well as corporate earnings, remain bleak amid the still unresolved COVID-19 pandemic.

“The PSEi ended lower as we saw a rush of selling right at the runoff, which caused it to close as its lowest level for the day,” said Chris Mangun of AAA Securities.

He said  increased selling pressure at the end of trading day is a clear sign that investors lack optimism.

“Trading volumes remain low as buyers are hesitant to pick up battered shares. The sentiment is extremely cautious due to the uncertainty in the business environment in the coming months,” Mangun said.

He said investors, however, continue to remain on the lookout for opportunities or compelling reasons to return to the market.