Stocks slip on last-minute selling

MANILA, Philippines —  Last-minute selling dragged the local stock market to a negative finish, snapping a two-day climb.

The bellwether Philippine Stock Exchange index tumbled by 0.65 percent or 41.75 points to end yesterday’s session at 6,349.16.

The broader All Shares index was also in the red territory, sliding by 0.64 percent or 22.96 points to 3,561.47.

Luis Limlingan of Regina Capital said the local index closed lower after late session selling pressure.

“Investor sentiment was also dampened by forecasts of peso weakness amid ongoing global uncertainties. This prompted a more cautious stance toward local equities,” he said.

RCBC chief economist Michael Ricafort said the PSEi corrected lower in the final minute of trade amid the latest political noise on impeachment complaint against Vice President Sara Duterte that could potentially distract lawmakers and the government from pursuing reform measures on further improving governance standards.

Ricafort also cited the directive made by Chinese regulators to banks to limit their exposure to US Treasuries, citing concerns over market volatility and concentration risks.

Most sectors closed in the green, led by mining and oil, which soared by 4.71 percent. Services and financials, meanwhile, fell by 2.99 percent and 0.45 percent, respectively.

Total turnover value stood at P6.75 billion.

Advancers edged out decliners, 100 to 95, while 69 issues were unchanged.