Share prices end lower, snap 3-week win streak

The stock market’s winning streak did not even last for a month even as shares of Jollibee Food Corp. recovered on bargain hunting, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) ended below 8,200 yesterday, snapping its three-week winning streak as foreign investors dumped Philippine shares, according to 2TradeAsia.

The PSEi finished at 8,183.99, down 88.19 points or 1.06 percent while the broader All Shares index finished at 4,955.60, down 38.24 points or 0.76 percent.

Most of the sectors were battered as well, ending in the red except for the industrial index. The mining and oil, property and financials were the biggest decliners.

Total value turnover was thin at P5.903 billion while 91 stocks advanced against 90 decliners.

Foreign buying reached P2.9 billion while foreign selling hit P3.2 billion for a net foreign selling of P278 million.

“Tempered rate cut hopes from both the Fed and the Bangko Sentral ng Pilipinas pulled the local market down by 88.19 points. Industrials were the only gainers, climbing 0.53 percent. Miners at the tail end falling 2.08 percent,” Philstocks Financials said in a commentary.

JFC’s shares rallied yesterday on bargain hunting, rising 6.78 percent to P252 per share.

On Wednesday, JFC shares shed 7.99 percent to finish at P251 per share after announcing that it had acquired The Coffee Bean & Tea Leaf, a California-based coffee and tea shop giant which is JFC’s biggest acquisition so far.