MANILA, Philippines — Following last Friday’s profit taking, share prices resumed their downtrend this week in the absence of market-moving catalysts.
The Philippine Stock Exchange index (PSEi) fell by 1.68 percent or 99.61 points to finish at 5,832.58.
The broader All Shares index likewise plunged by 1.61 percent or 51.49 points to close at 3,149.10.
“Philippine shares slipped with very low value turnover given the shortened trading week in the US today in observance of a federal holiday there,” said Luis Limlingan of Regina Capital.
“Sentiment was also dragged by the performance before the weekend,” he said.
US equities fell last Friday while the PSEi snapped a three-day upturn as investors took profits from recent gains.
All local counters were in the red yesterday, with holdings firms suffering the biggest loss at two percent.
The rest declined by at least one percent.
Value turnover was low at P2.53 billion.
Decliners pummeled advancers, 158 to 36, while 37 stocks were unchanged.
“Back here at home, it will be a quiet week ahead on the macro data front,” Limlingan said.
Asian shares slipped yesterday with Chinese markets logging moderate losses after reopening from a weeklong holiday to news of a fresh set of lockdowns due to rising COVID-19 cases.
The declines followed yet another dismal end to the week on Wall Street as a strong US jobs report added to worries the Federal Reserve might consider the higher-than-expected hiring data as proof the economy hasn’t slowed enough to get inflation under control. That might mean still more hefty rate hikes that could make a recession more likely.
A US consumer prices report on Thursday will be one of the biggest factors for markets this week. Investors also are awaiting the latest updates on how companies are dealing with higher prices and interest rate hikes.