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PH stocks conclude week in the red

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PH stocks conclude week in the red

The local bourse finished the trading week in negative territory as investors booked profits following the market’s back-to-back rally.

The bellwether Philippine Stock Exchange index (PSEi) dipped by 0.69 percent or 45.15 points to 6,494.81, while the broader All Shares shed 0.4 percent or 16.07 points to close at 3,981.51 on Friday.

Philstocks Financial Inc. senior research analyst Japhet Tantiangco said investors took profits after the two-day climb of the main index.

He noted that lingering pandemic worries still weighed on market sentiment as local
coronavirus disease 2019 (Covid-19) cases continue to rise.

The Philippines logged 11,429 new Covid-19 cases on Thursday, surging the total to 904,285.

Tantiangco added that uncertainties on the pace of the country’s vaccine rollout are also denting investor confidence.

Trading remained tepid as net value turnover was at P4.96 billion, still below the year-to-date average of P9.05 billion.

The exodus of foreign funds also persisted as net foreign selling amounted to P522.31 million on Friday.

For his part, Regina Capital Development Corp. Managing Director Luis Limlingan said investors “flocked back to the US market following their strong bank earnings reports and positive economic data releases, signalling accelerating recovery in the world’s largest economy.”

The local sectors ended mixed. The mining and oil sector still led advancers at 1.92 percent, while the property index declined the most at 1.43 percent.

Total volume turnover was at 6.77 billion shares valued at P5.67 billion.

Losers edged out winners at 108 to 104, while 44 securities were unchanged.