The PSEi continued its losing streak as sentiment weakened overnight while investors wait for fresh leads at the domestic front.
The main index dropped 50.48 points or 0.69 percent to close at 7,299.34 as Banks and Miners led the retreat although the Property counter managed to eke out a small gain.
Volume was just a bit higher at 882 million shares worth P7.82 billion as losers swept gainers 141 to 55 with 45 unchanged.
“Philippine shares fell along with the rest of the region as investors weighed a continuation of strong earnings reports from big-box retailers against lingering inflation and economic data concerns concerns,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Many are also watching the results of the latest BSP meeting. Based on previous interviews of BSP. Gov. Benjamin Diokno, the monetary board would likely leave the policy rates untouched, at least, until year-end.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell as investors continued to exit amid the lack of a positive catalyst. Investors were also cautious while waiting for the outcomes of the Bangko Sentral ng Pilipinas’ latest policy meeting.”
He noted that, “The market also took cues from Wall Street’s overnight decline. Foreign transactions for the day ended in a net outflow of P589.91 million, adding to the downward pressure on the market.“