MANILA, Philippines — The local stock market suffered a steep decline, losing for a second straight session amid lingering economic concerns raised by the International Monetary Fund (IMF).
The bellwether Philippine Stock Exchange index (PSEi) fell by 1.48 percent or 84.31 points to end yesterday’s session at 5,617.23.
The broader All Shares index likewise lost 0.77 percent or 24.49 points, finishing at 3,158.86.
Luis Limlingan of Regina Capital said the local index retreated to the 5,600 level as selling pressure on index heavyweights weighed on market performance.
“Sentiment was further dampened by the IMF’s warning that the Philippines could post Southeast Asia’s fifth-slowest growth this year amid weak investment and elevated inflation,” Limlingan said.
Sectors were a mixed bag, with financials posting the highest jump at 0.99 percent and services incurring the biggest loss at 4.97 percent.
Total value turnover improved to P6.51 billion from the previous day’s P4.29 billion.
Market breadth stayed negative as decliners squashed advancers, 103 to 66, while 76 issues were unchanged.
ICTSI was the top traded stock, plunging by 6.59 percent to P814.50 per share, followed by banking heavyweights BDO Unibank and BPI, which rose by 0.90 percent and 1.29 percent, respectively, to P112 and P94.20.
Philstocks Financial Inc. said the drop in ICTSI dragged the overall index, given how significant the stock has been.
“Aside from the index heavyweight selloff, lingering headwinds including elevated oil prices and bond yields, and the peso’s weakness weighed on the market,” it said.