PSEi down on net foreign selling
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 17 Jun 2019 16:15:08 +0000
Due to the heavy outflow of foreign funds, the local stock market fell for the second day on Monday.
The bellwether Philippine Stock Exchange index (PSEi) dropped by 1.02 percent or 81.21 points to close at 7,908.99. The broader All Shares declined by 0.86 percent or 42.19 points to end at 4,842.72.
P2P Trade Online sales associate Gabriel Jose Perez blamed the continued net foreign selling as having weighed on PSEi.
Net foreign selling persisted on the second day, growing to P587 million as foreigners sold worth P3.15 billion issues and bought P2.56 billion.
In a separate comment, Summit Securities Inc. President Harry Liu said the market was only consolidating as it tried to build momentum to reach a new resistance level.
The local market traded in line with most global counterparts. On Wall Street, the Dow Jones dipped by 0.07 percent, the S&P 500 slipped by 0.16 percent, and the Nasdaq declined by 0.52 percent on Friday.
In Asia, Tokyo inched up by 0.03 percent, Shanghai grew by 0.20 percent, Hong Kong increased by 0.54 percent.
Seoul decreased 0.22 percent, Jakarta declined 0.32 percent, Singapore slipped 0.18 percent, and Bangkok dipped 0.09 percent.
In Manila, all sectoral results finished in the red with the services index down the most by 1.42 percent.
More than 663 million issues were traded valued at P5.02 billion.
Losers led winners, 136 to 70, while 43 issues were unchanged.
The post PSEi down on net foreign selling appeared first on The Manila Times Online.