Philippine shares ended the week on a soft note Friday, extending its downtrend for the fourth straight session due to generally weak investor sentiment.
The benchmark PSEi shed 7.14 points or 0.12% to 5,838.66 at the closing bell. The broader All Shares lost 1.32 points or 0.04%.
“Last minute profit taking took the market lower, extending its decline to a fourth straight day,” Japhet Tantiangco, senior equity analyst at Philstocks Financial, said.
“Investor sentiment was also weighed today by the poor business and consumer confidence shown in the BSP’s latest survey,” Tantiangco said.
According to the results of the Bangko Sentral ng Pilipinas’ Consumer Expectation Survey (CES), the overall confidence index (CI) fell to a record low of -54.5% in July to September.
This is the lowest CI since the nationwide surveys were conducted starting in the first quarter of 2007.
Similarly, results of the Business Expectations Survey (BES) showed that the overall confidence index (CI) fell to -5.3% during the quarter.
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.
"This is expected considering the effects of COVID-19 on business," BSP Governor Benjamin Diokno said.
Foreign funds bought P1.236 billion worth of shares and sold P1.864 billion for a net selling position of P627.9 million.
More than 1.405 billion shares valued at P3.659 billion, changed hands. Advancers led decliners, 110 to 86, and 44 issues were unchanged.
“Trading remained anemic with today’s net value turnover posting P3.4 billion, below the year-to-date average of P5.8 billion,” Tantiangco said.—By TED CORDERO, GMA News
Source: Peso Economics
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