Philippine shares fall for third session as PSEi loses 1.18 per cent
Financials was the only sector to advance, while turnover fell to ₱6.41 billion from ₱7.52 billion in the previous session.
Philippine stocks recorded a third consecutive session of losses, with the Philippine Stock Exchange index ending at 5,593.49, down 67.06 points or 1.18 per cent. Recent corporate earnings failed to lift market sentiment.
The All Shares index finished at 3,154.93 after losing 20.83 points or 0.66 per cent. First Metro Securities said the main index had traded close to flat during the morning before falling sharply in the afternoon. It attributed weaker sentiment to a strengthening dollar and increased expectations of a Federal Reserve rate rise.
Philstocks Financial Inc. said the market reached its lowest closing level of the year as investors took profits while assessing recent earnings. The brokerage also cited Fitch Solutions BMI’s cut to its economic growth outlook and peso weakness as pressures on sentiment.
Financials rose 0.99 per cent, making it the sole sector to post a gain. Services led the declines with a 3.11 per cent fall, followed by mining and oil, which dropped 1.73 per cent.
Declining stocks outnumbered gainers by 97 to 84, while 60 issues were not traded. Turnover totalled ₱6.41 billion, below the previous session’s ₱7.52 billion.
