The local stock market declined today on weak investor confidence amid the absence of positive news.
The Philippine Stock Exchange index (PSEi) dropped 22.11 points, or 0.37 percent, to 5,931.33 with only the Holding Firms and Mining & Oil sectors in the green.
Volume remained weak at 1.22 billion shares worth P4.91 billion as gainers edged out losers 101 to 89 with 51 steady.
“The PSEi continued lower again today as investors unload shares in large-cap blue chip issues... There is a general lack of confidence from investors. The PSEi is in a clear downtrend in the short term,” said AAA Equities Head of Research Chris Mangun.