MANILA, Philippines — Stocks succumbed to selling pressure anew as a slew of negative factors kept investors on a wait-and-see stance, traders said yesterday. The benchmark Philippine Stock Exchange index (PSEi) barely stayed above the 6,000 mark, shedding another 35.25 points or 0.58 percent to finish at 6,029.01, its lowest level since June 1. Likewise, the broader All Shares index slipped by 29.07 points or 0.81 percent to end at 3,540.02.
Most of the subsectors finished in the red, led by the industrial, mining and oil, services and holding firms, while the financials and property indexes closed in the green. Total value turnover remained thin at P4.265 billion. Market breadth was negative, with 150 losers to 50 gainers, while 36 issues were unchanged.
“The 68 percent year-on-year fall in April’s net foreign direct investments inflow, the souring US-China relations, and the lingering coronavirus disease 2019 or COVID-19 pandemic sent the local market lower. Neighboring peers are mixed as investors weigh US economic stimulus hopes against Washington-Beijing tensions following the former’s order to close China’s consulate in Houston,” said Philstocks Financials in a commentary.
The renewed US-China tensions weighed on a number of emerging Asian markets as well. Bourses in Taiwan and South Korea tracked a roughly half percent fall in Shanghai shares after Beijing on Wednesday called the shutdown of its Houston consulate an “unprecedented escalation” of tensions with the United States.
Source: philstar.com
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