MANILA, Philippines — The losing streak continued for the local stock market as investors stayed on the sidelines on lack of fresh leads.
The Philippine Stock Exchange index shed 0.34 percent or 21.47 points to end at 6,344.56, extending its downward streak to seven days.
There was a little ray of sunshine for the broader All Shares index, which eked out a 0.05-percent or 1.85-point improvement to settle at 3,440.31.
Luis Limlingan of Regina Capital said Philippine shares continued to decline as the lack of catalysts to boost investor sentiment contributed to the benchmark index’s decline.
“The local bourse dropped amid a lack of fresh leads to drive the market upwards, marking the seventh straight day of decline,” Claire Alviar of Philstocks Financial said separately.
“Investors are seeking clear direction on interest rates amid mixed signals, making them wait for the next policy meeting despite expectations that the BSP won’t cut rates,” she said.
Alviar said foreigners also remained net sellers, recording a net outflow of P552.19 million.
Net market value turnover was almost flat compared to the previous day at P3.86 billion.
Most sectors were in the negative territory, led by financials and services which declined by 0.69 percent and 0.68 percent, respectively.
Mining and oil as well as holdings firms were both in the green, finishing 1.61 percent and 0.38 percent higher, respectively.
Market breadth was positive as advancers knocked off decliners, 92 to 86, while 58 issues were unchanged.
Nickel Asia posted the biggest gain at 5.44 percent while JG Summit Holdings saw the largest drop at 6.09 percent.