Stock fall for 6th day as foreign funds sell holdings

The Philippine stock market fell further yesterday as foreign funds continue to flow out. The Philippine Stock Exchange index (PSEi) dropped 94.46 points, or 1.32 percent, to close at 7,045.83 with only the Industrial and Mining & Oil counters advancing. Volume dipped to 135 billion shares worth ₱11.39 billion with loaers edging out gainers 117 to 104 with 39 unchanged. “Local shares were hammered down near the 7,000 psychological support as investors shifted their focus towards the US, where optimism picked up on plans of POTUS Biden to combat the pandemic,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Senior Analyst Japhet Tantiangco said “The market has already been declining for 6 straight trading days. Optimism towards the local economy is seen to be waning amid the lack of a catalyst while COVID-19 concerns continue to weigh on sentiment.” (James A. Loyola)