The local stock market fell for the sixth straight day as bearish sentiment prevailed after the US elections and mixed corporate earnings results.
The main index dropped 95.78 points or 1.41 percent to close at 6,714.33 with banks leading all sectors down. Volume rose to 592 million shares worth P6.94 billion as losers swamped gainers 140 to 66 with 48 unchanged.
“Philippine shares continued to nosedive following the pullback in US as the major indexes paused from their recent post-election rally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “back home, the PSEi also closed in the red, pressured by investor concerns over declining FDI inflows. This uncertainty drove the benchmark index below the 6,800 level, a position not seen in over two months.”
Philstocks Financial Assistant Research Manager Claire Alviar said, “along with the Asian markets, the local bourse dropped for the sixth consecutive day as investors continued to assess the U.S. election results. Wall Street’s negative performance overnight also spilled over into the local market.”
“At home, local investors were also assessing third-quarter earnings performance. So far, results have been mixed: some sectors, like banking, are still posting impressive growth, while others, such as leisure, are showing dismal results,” she noted.
Alviar also said that “moreover, continuous net foreign selling continued to weigh on the market. For this trading day, net foreign selling amounted to P1.20 billion. So far this November, total net foreign selling has reached approximately P10.80 billion, with not a single day of net foreign buying recorded.”