PSEi decline on foreign selling of heavyweights

The PSEi dipped on foreign selling of some index heavyweights as funds were moved to the US.

The main index declined 21.95 points or 0.30 points to close at 7,239.15 although sectoral indices were evenly mixed with Holding Firms leading the retreat while the Industrial counter posted the highest gain.


Volume improved to 746 billion shares worth P7.75 billion with losers edging out gainers 104 to 94 as 47 remained unchanged.

“Philippine shares took a breather as funds concentrated in the US due to strong corporate earnings and improved consumer confidence,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, investors continued to rebalance portfolios with some notable changes in the index such as with Wilcon Depot, Jollibee Foods, Globe Telecom, ICTSI, and SM Investments.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse dropped, following its Asian peers and was also weighed down further by the decline of index heavyweights Globe Telecom and SM Investments Corporation due to net foreign selling.”

She added that, “In Asia, most indices are in the red led by the big losses of Chinese tech stocks.”