Philippine stocks fall 1.48 per cent for second straight session
ICTSI shares dropped 6.59 per cent, weighing on the benchmark, while trading turnover increased to ₱6.51 billion.
Philippine equities recorded a second consecutive session of losses, with the Philippine Stock Exchange index (PSEi) closing at 5,617.23 after shedding 84.31 points, or 1.48 per cent. The All Shares index ended at 3,158.86, down 24.49 points, or 0.77 per cent.
Regina Capital’s Luis Limlingan attributed the retreat to selling in heavyweight stocks. He said sentiment also suffered from an International Monetary Fund warning that weak investment and elevated inflation could leave the Philippines with Southeast Asia’s fifth-slowest growth this year.
ICTSI led trading activity but its shares dropped 6.59 per cent to ₱814.50. Philstocks Financial Inc. said the stock’s decline weighed on the benchmark because of its significant influence. The firm also cited high oil prices, elevated bond yields and peso weakness as pressures on the market.
BDO Unibank and BPI followed ICTSI in trading activity. BDO rose 0.90 per cent to ₱112, while BPI gained 1.29 per cent to ₱94.20. Among sectors, financials led gains with a 0.99 per cent increase, while services registered the largest decline at 4.97 per cent.
Trading turnover reached ₱6.51 billion, compared with ₱4.29 billion in the preceding session. Losing stocks outnumbered gainers, with 103 declining, 66 advancing and 76 unchanged.
