PSEi continue decline from net foreign selling

Philippine share prices continued to decline on Monday, the fourth consecutive trading day of losses in the market, as foreign investors remain the net sellers during the session.

“Treasury yields ... climbed higher ... which meant ... a further boost for the US dollar. This, in turn, was taken negatively in terms of the PSEi in general,” Luis Limlingan, head of sales at Regina Capital Development Corp., said.

The main PSEi shed 14.23 points or 0.19 percent to close at 7,658.05. The broader All Shares index lost 2.21 points or 0.05 percent to 4,662.73.

US 10-year Treasury yields rose by 1.5 basis points to 3.082 percent, nearing a seven-year high of 3.128 percent, giving foreign investors enough reason to sell their position market positions on the Philippine Stock Exchange.

“Considering the US 10-year yields, I think that's the main factor why the market is somewhat lethargic at this point, which ended with foreign investors in selling mode,” Aniceto Pangan, equities trader at Diversified Securities Inc., said.

Pangan noted the market failed in its scramble for positive catalysts.

“That's why the market continued to move sideways today with a downward bias. I think this will continue in consolidation mode the rest of the week until we see relatively good news that will pump up the market,” he said.

Foreign funds bought P2.081 billion worth of shares and sold P2.649 billion for a net selling position of P568.473 million.

More than 1.175 billion shares, valued at P4.188 billion, changed hands. Decliners outweighed advancers, 105 to 83, and 55 issues were unchanged.(GMA

News Online)