December 6, 2024 | 12:00am
MANILA, Philippines — A slightly higher inflation in November dampened investor sentiment, pulling down share prices for a third consecutive day.
The benchmark Philippine Stock Exchange index slipped by 0.58 percent or 39.19 points to close at 6,690.77 yesterday.
The broader All Shares index likewise declined by 0.41 percent or 15.59 points to settle at 3,776.89.
“The PSE again corrected slightly lower for the third straight day after inflation picked up to 2.5 percent,” RCBC chief economist Michael Ricafort said.
Philstocks Financial research manager Japhet Tantiangco said the local market extended its decline as investors maintained a cautious stance while waiting for new key catalysts.
“The exit of foreign funds also continued to weigh on the market. Net foreign selling for the day amounted to P468.59 million,” he said.
Value turnover finished at almost the same amount as the previous day at P5.2 billion.
Sectors were dominated by those in the red, with services taking the deepest plunge at 1.86 percent.
Holdings firms and mining and oil, meanwhile, gained 0.39 percent and 0.17 percent, respectively.
Market breadth was negative as decliners crushed advancers, 118 to 87, while 50 issues were unchanged.
BPI was yesterday’s top traded company, losing 0.39 percent to P128 per share, followed by BDO which improved by 0.13 percent to P155.90.
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