PSEi extends losing streak for 3rd trading day

MANILA, Philippines — The local stock market ended the week in negative territory, with the benchmark Philippine Stock Exchange index posting a slight dip to extend its losing streak to three consecutive days.

The PSEi slipped by 0.02 percent or 1.33 points to cap off yesterday’s session at 6,465.53.

On the other hand, the broader All Shares index eked out a 0.02 percent or 0.93-point increase to settle at 3,769.37.

“The local market declined as investors dealt with dismal economic data including the growth slowdown in OFW cash remittances last March and the plunge in approved foreign investments in the first quarter of the year,” Philstocks Financial research manager Japhet Tantiangco said.

Total value turnover finished the week at P6.59 billion. Foreigners were net sellers with net outflows at P406.52 million.

Sectoral gauges were a mixed bag, with mining and oil leading the charge with a 1.98-percent increase, while holding firms took the biggest hit with a 1.14-percent drop.

Advancers edged out decliners in a close contest, 85 to 84, while 60 issues were unchanged.

Ayala Land was the most actively traded company, rising by 2.18 percent to P23.40 per share, followed by ICTSI with a 0.74-percent increase to P410.

Asian markets limped into the weekend as investors consolidated gains fed by the China-US trade war hiatus, having enjoyed one of their best weeks since President Donald Trump unloaded his “Liberation Day” tariff bazooka last month.