PSEi bleeds anew slips below 6,800

MANILA, Philippines —  The bleeding continued for the local stock market yesterday as share prices plunged for the sixth consecutive session after US equities pulled back following its post-election rally.

The benchmark Philippine Stock Exchange index fell below the 6,800-level, lower by 1.41 percent or 95.78 points to 6,714.33.

The broader All Shares index also stayed in the red territory, declining by 0.73 percent or 27.88 points to 3,792.46.

“Along with the Asian markets, the local bourse dropped for the sixth consecutive day to close at 6,714.33, as investors continued to assess the US election results. Wall Street’s negative performance overnight also spilled over into the local market,” Claire Alviar of Philstocks Financial said.

“At home, local investors were also assessing third-quarter earnings performance. So far, results have been mixed: some sectors, like banking, are still posting impressive growth, while others, such as leisure, are showing dismal results,” she said.

Alviar said that net foreign selling likewise continued to weigh on the market, with net foreign selling amounting to P1.2 billion yesterday.

“So far this November, total net foreign selling has reached approximately P10.8 billion, with not a single day of net foreign buying recorded,” she said.

Net market value turnover, however, improved to P6.48 billion from the previous day’s P5.09 billion.

All sectors were again the red, with financials and industrial suffering the biggest drops at 1.84 percent and 1.80 percent, respectively.

Decliners battered advancers, 140 to 66, while 48 issues were unchanged.

ICTSI was the top traded company, decreasing by 0.58 percent to P378 per share, followed by BDO with a 3.47-percent drop to P142.

Converge posted the biggest gain of 3.01 percent among index members while Bloomberry Resorts lost the most with a 7.3 percent decline.