PSEi falls below 5,900 level

MANILA, Philippines — The local stock market declined for a third straight session, falling below the 5,900 level amid cautious sentiment from investors.

The bellwether Philippine Stock Exchange index tumbled by 0.75 percent or 44.72 points, closing yesterday’s session at 5,896.80.

The broader All Shares index inched down by 0.2 percent or 6.58 points to settle at 3,347.55.

“The index extended its decline and closed below 5,900 as persistent foreign selling and weakness in property, industrials and financials continued to pressure sentiment,” AB Capital Securities said.

AB Capital said selling stayed concentrated in heavyweights such as Ayala Land, Metrobank, Ayala Corp. and Meralco, while selective buying in defensives provided only limited support in another muted session.

RCBC chief economist Michael Ricafort said the PSEi again slightly declined yesterday on higher global crude oil prices that could add to inflationary pressures as well as the weaker peso and lower earnings of some listed companies for the first quarter.

Trading remained thin even as total turnover value improved to P5.36 billion from the previous day’s P4.04 billion.

Foreigners were net sellers with net outflows at P680.04 million.

All sectors finished in the red territory, led by property with a 1.33-percent drop.

Decliners pummeled advancers, 107 to 63, while 74 issues were unchanged.

ICTSI was the most actively traded stock, slipping by 0.69 percent to P794.50 per share, followed by Ayala Land, which plunged by 3.15 percent to P14.74 and BDO Unibank, which was unchanged at P115.