The drop in US stock prices continued to weigh on local investor sentiment, pushing the PSEi below the 6,300 level as the trading week ended.
The main index lost 74.70 points or 1.17 percent to close at 6,290.27 as Banks led the retreat while the Mining and Oil counter bucked the trend. Volume dipped to 348 million shares worth P4.48 billion as losers beat gainers 104 to 66 with 57 unchanged.
“Philippine shares continue to tumble as US equities dropped for the third straight day,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “aside from this, there must have been some remaining pessimism from the previous GDP reading reflected in today’s session.“
Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse plummeted as investors digested the revised inflation forecast of the Bangko Sentral ng Pilipinas. Additionally, concerns stemming from overseas further dampened investor sentiment.”
“Offshore, Asian markets followed the performance of Wall Street overnight as the long term treasury yields rose following the Federal Reserve’s hint of a possible further rate hikes,” she added.