Stocks extend losses for fifth straight day on selling pressure

Manila, Philippines – Stocks capped a turbulent week with more losses as investors continued to dump shares amid lingering uncertainties.

The bellwether Philippine Stock Exchange index (PSEi) shed a quarter of a percentage point to mark its fifth straight day in the red, settling at 6,027.12.

That’s the index’s worst performance since early April, and just less than 200 points shy of its 52-week low at 5,800 territory.

A congressional probe that implicated more high-profile politicians in the public works mess has spooked investors.

“The Philippine market closed the week without posting a single green candle, reflecting persistent selling pressure,” Regina Capital managing director Luis Limlingan said in a note to investors.

“This weakness was largely driven by the absence of strong local catalysts and lingering uncertainties both domestically and in the US, keeping investor sentiment cautious overall,” he added.

Telcos PLDT and Globe led the losses, sinking by 1.9 percent and 2.8 percent, respectively. Conglomerates were a mixed bag: SM Investments Corp. lost 0.68 percent, but Ayala Corp. was up by 0.65 percent.

Four stocks skid for every three that advanced in tepid trade.

The local bourse mirrored Wall Street that closed lower overnight “as traders adjusted to shifting rate expectations,” the brokerage said.

“Economic signals tempered optimism around aggressive policy easing, leading to broad but measured selling,” Limlingan said.