Heavy foreign selling depresses market; index down

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The sluggish temper endured on the native inventory market on Tuesday as traders anxious about how lengthy the so-called National Capital Region Plus will stay below strict lockdown protocols.

The Philippine Stock Exchange index (PSEi) slipped by 10.13 factors or 0.16 % to shut at 6,359.15, declining for the third straight session.

Local inventory brokerage Papa Securities stated the story remained the identical for native equities, which continued to be battered by heavy foreign selling amid the return to stricter quarantine restrictions following the surge in new COVID-19 instances in Greater Metro Manila.

“Persistent foreign selling and unclear directions on what happens to lockdowns in the long-term would likely keep a lid on any optimism for the PSEi,” the brokerage stated.

“That said, support area that we might see the index touch sooner rather than later would be at the 6,170 to 6,000 area,” it added.

Except for the monetary counter which added 0.27 %, all counters ended decrease. The steepest decline was seen by the mining/oil counter, which misplaced 2.29 %.

Trading was skinny at P4.63 billion. Net foreign selling amounted to P371.77 million.

There had been 149 decliners that outnumbered 57 advancers, whereas 43 shares had been unchanged.

Megaworld fell by 2.55 %, whereas Bloomgerry declined by 1.69 %. Ayala Land—the day’s most actively traded firm—misplaced 1.39 %.

SM Prime, Globe Telecom and Jollibee all shed lower than 1 %.

Notable decliners exterior the PSEi included Basic Energy, which slid by 8.05 %. Dito fell by 3.41 %, whereas mining shares Philex and NIKL misplaced 1.64 % and a couple of.47 %, respectively.

—Doris Dumlao-Abadilla INQ


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