Foreign selling puts PSEi in the red

FOREIGN investors fled the stock market on Friday, ending the week in the red territory.

The benchmark Philippine Stock Exchange index ( PSEi) dropped by 0.10 percent or 8.05 points to close at 8,065.76, while the wider All Shares inched up by

ish at 4,823.80.

Foreign buying reached P3.31 billion and was overshadowed by foreign selling of P3.79 billion. This resulted in net foreign selling of P485.41 billion on Friday.

“Philippine shares fell after the world’s two largest economies reportedly agreed to remove existing trade tariffs, sparking a

out of bonds,” Regina Capital Development Corp. head of sales Luis Limlingan said.

“As tensions decreased, investors left the Philippines and reinvested into asset classes closer to their region of domicile,” he added.

Beijing asked to eliminate the existing tariff as part of its initial deal with the United States.

The US and China have been working on the so- called “phase one” deal — covering the farming and banking industries — which was originally planned to be signed this month.

Philstocks Financial Inc. said the recent MSCI rebalancing results brought losses to the bourse, resulting in investors selling their positions.

On Wall Street, the Dow Jones,

percent, 0.27 percent and 0.28 percent, respectively.

Asian markets are mostly down. Shanghai dropped by 0.49 percent, Hong Kong plunged by 0.89 percent, Seoul dipped by 0.33 percent, Singapore slid by 0.83 percent, Thailand fell by 0.31 percent and Vietnam declined by 0.14 percent.

In contrast, Tokyo added 0.26 percent and Jakarta was up by 0.16 percent.

In Manila, sectors were mixed. Financials, industrial and services were up while the rest slipped.

Volume turnover stood at 689.05 million shares amounting to P6.83 billion.

Decliners led advancers, 10070, while 66 issues were unchanged.