Stocks tumble, take cues from Wall Street

MANILA, Philippines — Local stocks took their cues from US equities, closing the week in the red with a three-day losing streak.

The Philippine Stock Exchange index (PSEi) slipped by 0.37 percent or 24.84 points to finish yesterday’s session at 6,616.51.

The broader All Shares index settled at 3,752.73, down by 0.09 percent or 3.34 points.

“The PSEi declined after US stock markets mostly corrected lower for the third day in four trading days after the latest US inflation data were mostly faster versus market estimates and picked up versus the previous month levels,” RCBC chief economist Michael Ricafort said.

Trading was tepid as net value turnover stood at P3.92 billion.

Sectors were a mixed bag, with holding firms suffering the largest drop at 1.29 percent.

The mining and oil index, meanwhile, led the charge with a 0.91-percent jump.

Market breadth was positive as advancers pummeled decliners, 103 to 88, while 52 issues were unchanged.

BDO was yesterday’s top traded company, rising by 1.21 percent to P150 per share.

Ayala Land and BPI followed, losing 1.30 percent and 1.93 percent, respectively, to P26.60 and P132 per share.

Meanwhile, Asia shares fell yesterday as a strong dollar weighed on risk sentiment, while longer-dated Treasury yields are headed for their biggest weekly rise in a year on receding US rate cut expectations for 2025.

Top policymakers in Beijing this week pledged to increase debt and lift consumption but failed to boost Chinese equity markets. Authorities are girding for more trade tensions with the US as Donald Trump’s return to power approaches.