PSEi slips anew as Q3 GDP, earnings disappoint

MANILA, Philippines — The local stock market extended its decline to a third straight session, as the slew of third quarter corporate earnings results failed to cheer up sentiment.

The benchmark Philippine Stock Exchange index tumbled by 1.18 percent or 67.06 points, finishing the session at 5,593.49.

The broader All Shares index also shed 0.66 percent or 20.83 points to end at 3,154.93.

First Metro Securities said Philippine equities capped the week with a sharp afternoon breakdown, as the main gauge fell after holding near flat through the morning.

“Sentiment was hit by a resurgent dollar and rising Fed hike bets,” it said.

Philstocks Financial Inc., for its part, said the local bourse closed at its lowest level year-to-date as investors continued to book profits as they digested the release of corporate earnings in recent days.

It said Fitch Solutions BMI’s downward revision of its economic growth outlook further clouded investor sentiment amid persistent economic headwinds.

“The peso’s weakness, driven by the latest US inflation data and rising expectations of a Federal Reserve rate hike, added further pressure to the local bourse,” Philstocks Financial said.

“Additionally, investors remained on the sidelines ahead of next week’s ASEAN Summit, where regional economic and geopolitical issues are expected to be discussed,” it said.

All sectors were in the negative territory, except for financials, which advanced by 0.99 percent. Services took the biggest hit, plunging by 3.11 percent, followed by mining and oil, which lost 1.73 percent.

Market breadth was negative as decliners overpowered advancers, 97 to 84, while 60 issues did not change hands.

Total turnover value was down to P6.41 billion from the previous session’s P7.52 billion.

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