Stocks extend losing streak amid lack of catalysts

MANILA, Philippines —  Local stocks plunged anew on lack of major catalysts to buck macroeconomic concerns locally and abroad.

The benchmark Philippine Stock Exchange index fell for a third straight session, declining by 0.96 percent or 64.05 points to close at 6,638.54.

The broader All Shares index likewise dropped by 0.67 percent or 25.14 points to end at 3,734.94.

Luis Limlingan of Regina Capital said the market extended losses as investors reacted to US president-elect Donald Trump’s tariff threats against China, Canada and Mexico.

“Philippine shares continued to slide, retesting the 6,600 level once again in light value turnover as the US enters the Thanksgiving holiday,” he said.

Net value turnover saw a slight improvement during yesterday’s trading to P4.48 billion from the previous day’s P3.82 billion.

All sectors, however, were in the red, with the industrial index suffering the biggest blow with a 2.10-percent loss.

Market breadth was negative as decliners battered advancers, 120 to 69, while 53 issues were unchanged.

ICTSI was the top traded company, finishing flat at P385 per share, followed by BPI which decreased by 0.69 percent to P129.60.

Meanwhile, Asian shares fell yesterday and the dollar firmed slightly as investors pondered US data that showed progress in slowing inflation had stalled even as the economy remained resilient, while rising geopolitical worries kept risk sentiment in check.

With the US Thanksgiving holiday likely to keep trading thin for the rest of the week, traders remained hesitant about placing major bets.