Connect with us

Hi, what are you looking for?


Local shares decline as foreigners exit market

PHILIPPINE shares closed in the red on Thursday as investors pocketed their gains and as foreigners exited the market amid lingering concerns on the economy’s prospects.

The Philippine Stock Exchange index (PSEi) fell by 23.86 points or 0.37% to close at 6,415.53 on Thursday, while the broader all shares index declined by 16.93 points or 0.42% to 3,947.41.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said the benchmark index went down amid “pressure due to foreign selling, worries over longer term impact of COVID-19 (coronavirus disease 2019) and the lack of fresh catalysts.”

“The mining sector worked in a heavy correction today due to profit taking after seeing a large pick up into the last week or so stemming from the government’s announcement to reopen the sector,” Mr. Barredo added.

For his part, China Bank Securities Corp. Research Head Rastine Mackie D. Mercado said the PSEi declined “as more index issues showed signs of capitulation.”

“Trading volumes also remained lackluster and foreigners remained net sellers in today’s session,” Mr. Mercado said via e-mail on Thursday. “Investors also continued to take profit on mining issues after their recent rallies.”

All sectoral indices closed in the red on Thursday. Mining and oil lost 317.51 points or 3.45% to close at 8,872.65; financials went down by 9.57 points or 0.68% to 1,382.03; industrials declined by 51.69 points or 0.59% to 8,638.67; services slumped by 5.69 points or 0.39% to 1,445.71; holding firms fell by 19.84 points or 0.3% to 6,506.74; and property gave up 6.40 points or 0.2% to finish at 3,129.71.

Value turnover went up to P5.65 billion with 3.66 billion shares switching hands on Thursday from the P5.37 billion with 3.46 billion shares seen on Wednesday.

Meanwhile, net foreign selling ballooned to P1.12 billion on Thursday from the P776.80 million logged in the previous trading day.

Decliners outnumbered advancers, 127 versus 71, while 46 names closed unchanged on Thursday.

Mr. Mercado said he expects the market “to remain in limbo” due to the lack of near-term catalysts.

“Possible developments to watch out for over the coming weeks include the release of firms’ first-quarter financial results, government report on the first quarter gross domestic product figures, and the arrival of second quarter vaccine shipments,” he said.

“We may see the index test the support at 6,330 over the coming days, as it traverses the 6,330 to 6,650 range,” Mr. Mercado said.

“The index now stands at a crucial spot of support, close to 6,400, as a break of this may drive a further slip towards 6,200 to 6,100,” COL Financial Group’s Mr. Barredo added. — K.C.G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Virgin Orbit’s next satellite launch will take place from the UK, following the success of the “Straight Up” mission, which lifted off from Mojave...


Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...


UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...


London City airport is seeking to overturn its Saturday flight ban and raise by 40% the limit on its passenger numbers. A local residents’...


The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....


Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.