PSEi remains in doldrums despite reg’l recovery

MANILA, Philippines – Philippine stocks remained in the doldrums despite improvement in most markets in Asia.

The Philippine Stock Exchange index (PSEi) declined by another 0.66 percent, or 43.45 points, to settle lower at 6,575.43, while the broader All Shares index tumbled 0.69 percent or 26.20 point, to close at 3,788.28.

The PSEi also hit a new 52-week low of 6,555.45 intraday in Friday’s trading.

With the PSEi closing below its major support of 6,600, Regina Capital Development Corp. managing director Luis Limlingan suggested a “more defensive stance” as overall signals have weakened further that could support a downward reversal.

China on Thursday decided to suspend its market circuit breaker system that resulted in gains for major stock indexes as well as other stock markets in Asia.

Despite the recovery, analysts said investors remained troubled with international concerns.

As a result, all counters ended in negative territory with the services and financials sector indices losing 1.55 percent and 1.23 percent, respectively.

Market breadth was negative as decliners pummeled advancers, 131 to 40, while 46 stocks were unchanged.

Value turnover inched up slightly to P5.57 billion from the previous day’s P5.42 billion.