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Manila Bulletin devider Business devider Stocks fall for sixth day

Stocks fall for sixth day

Published Jan 22, 2021 05:11 pm

The Philippine stock market fell as foreign funds continue to flow out.
The main index dropped 94.46 points or 1.32 percent to close at 7,045.83 with only the Industrial and Mining & Oil counters advancing.


Volume dipped to 135 billion shares worth P11.39 billion with loaers edging out gainers 117 to 104 with 39 unchanged.


“Local shares were hammered down near the 7,000 psychological support as investors shifted their focus towards the US, where optimism picked up on plans of POTUS Biden to combat the pandemic,” said Regina Capital Development Corporation Managing Director Luis Limlingan.


Philstocks Financial Senior Analyst Japhet Tantiangco said “ The market has already been declining for 6 straight trading days. Optimism towards the local economy is seen to be waning amid the lack of a catalyst while COVID-19 concerns continue to weigh on sentiment.”

He added that, “The exit of foreign funds has also added to the downward pressure. So far, net foreign selling is already on a 6-day streak averaging P874.28 million per day. Today, it has amounted to P1.42 billion.”

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PSEi Securities and Exchange Commission (SEC) BSP Governor Benjamin E. Diokno Regina Capital Development Corporation Luis Limlingan PSE directors
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