Share prices drop for 4th straight day

MANILA, Philippines — Local stocks fell for a fourth consecutive session yesterday on the continued absence of positive catalysts.

The market bucked the uptrend around Asia which saw bourses advancing, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the US economy.

The Philippine Stock Exchange index (PSEi) slipped 0.12 percent or 7.14 points to close the week in the red at 5,838.66, while the broader All Shares index declined by 0.03 percent or 1.32 points to finish at 3,520.63.

After ending slightly better on Monday from last Friday’s finish, the local market has been on a downtrend since.

“The PSEi closed little changed once more to end the week as investors digested the weaker jobs data, a second wave of COVID-19 in Europe and whether there would be any fiscal stimulus for regional markets,” Regina Capital Development managing director Luis Limlingan said.

Counters were mixed, with mining and oil leading those in the green with a 1.03 percent increase. Services, on the other hand, suffered the largest drop of 0.52 percent.

Value turnover was thin at P3.66 billion. Market breadth, however, was positive as advancers beat decliners, 110 to 86, while 44 shares were unchanged.