Market extends losing streak

MANILA, Philippines —  Share prices plunged anew yesterday as investors continue to exit the market, extending the local bourse’s losing streak to seven days.

The benchmark Philippine Stock Exchange index took a nosedive on Thursday, shedding 2.34 percent or 157.24 points to end at 6,557.09.

The broader All Shares index also  plummeted deeper in the red, dropping by 2.95 percent or 111.84 to  3,680.62.

“Philippine shares broke past 6,600 to end at 6,557.09 as more funds continued to exit this week,” Luis Limlingan of Regina Capital said.

Philstocks Financial research manager Japhet Tantiangco said that investors continued to exit the market amid the rise in both local and US long term treasury yields, as well as the weakness of the local currency against the dollar.

“Ultimately, investors are still worried over the prospects of protectionist policies in the US and its impact on the global economy, especially on the Philippines,” he said.

Tantiangco said that trading, however, was strong with net value turnover at P7.04 billion, higher than the year-to-date average of P5.19 billion.

Foreigners were net sellers with net outflows amounting to P2.05 billion.

All sectors were again in the red, with mining and oil as well as property performing the worst with losses of 3.69 percent and 3.42 percent, respectively.

Market breadth was negative as decliners crushed advancers, 181 to 35, while 38 issues were unchanged.

Aboitiz Equity Ventures and Jollibee Foods led the index members with a 1.18-percent increase while Bloomberry Resorts lost the most with 10.79 percent.

Ayala Land was the top traded company, dropping 4.79 percent to P28.80 per share, followed by BDO which declined by 2.75 percent to P138.10.