PSEi slips 0.80% on low investor confidence

Share prices on the Philippine Stock Exchange continued its downtrend on Thursday as the generally weak investor sentiment over the economy’s recovery dragged the market.

The benchmark PSEi shed 46.92 points or 0.80% to 5,845.80 at the closing bell. The broader All Shares lost 23.19 points or 0.65% to 3,521.95.

“Investors' confidence remains low as seen on our tepid trading with net value turnover registering P4 billion, below the P5.8 billion year-to-date average,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

Results of the Bangko Sentral ng Pilipinas’ Business Expectation Survey showed that business confidence dropped to its worst in 10 years at -5.3% confidence index. 

This is the first negative CI after posting 43 quarters of positive confidence since the index was recorded at -2.6% in the third quarter of 2009.

“Foreigners remained net sellers adding downward pressure to the market,” Tantiangco said.

Foreign funds bought P1.465 billion worth of shares and sold P1.758 billion for a net selling position of P292.83 million.

“As of today, net foreign selling is already on a 10-day streak averaging P587.9 million per day,” Tantiangco said.

More than 1.065 billion shares valued at P4.051 billion, changed hands. Decliners led advancers, 120 to 76, and 31 issues were unchanged. — BM, GMA News