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Four-day losing streak: PSEi falls further, nearing last week's lows

Business | The Stock Market

Four-day losing streak: PSEi falls further, nearing last week's lows

By James A. Loyola

The local stock market dropped back to the sub-6,000 after four straight days of losses almost wiped out its 420-point bounce last week.

The Philippine Stock Exchange (PSE) index lost 49.37 points or 0.82 percent to close at 5,987.75 on Tuesday, Feb. 11, with the retreat led by the property sector while banks managed a solid gain. Volume was steady at 461 million shares worth ₱5.66 billion as losers beat gainers 106 to 78 with 55 unchanged.

“Philippines shares continued to slide as Trump’s tariff announcement on steel and aluminum imports pressured sentiment, sending the PSEi down below the 6,000 mark,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “investors were also waiting on the sidelines as the latest MSCI rebalancing results will be out later.

On the other hand, US stocks climbed on Feb. 10, led by tech gains, as investors shrugged off President Trump’s latest tariff threat.

Philstocks Financial Assistant Research Manager Claire Alviar said "The local bourse failed to stay above the 6,000 psychological level as investors continued to assess President Trump’s new tariffs while awaiting other catalysts. Moreover, investors were looking ahead to the Bangko Sentral ng Pilipinas' meeting this week."

Related Tags

Claire Alviar Regina Capital Development Corporation Luis Limlingan Philippine Stock Exchange index (PSEi) Philstocks Financial

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