PSE Continues To Slip For Two Consecutive Sessions On Monday
The Philippine Stocks Exchange (PSE) has dipped for the second consecutive session on Monday and investors moved to the overseas market.
The Philippine Stock Exchange index (PSEi) declined by 35.05 points or 0.54% to close at 6,459.76 on Monday, while the all shares index went down by 12.49 points or 0.31% to 3,969.02.
According to Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the decline is due to the “lack of catalysts amid lingering pandemic worries.”
He further added that:
“The surge in our country’s COVID-19 cases remains unabated, in turn weighing on our economic outlook, while factors that could spur investor optimism are yet to be seen.”
COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo weighed in on the matter and explained that COVID-19 threats continue to plague market sentiment and only allow for some sporadic and isolated rallies. He also said in a separate statement that the PSEi was down along with India and Indonesia, but did not sync with the advances/recoveries seen in most other Asian markets.
As investors flee the local stock markets, they are instead piling up stocks in the US following the country’s strong earnings from the blue chips and sound economic data, supporting economic recovery according to Luis Limlingan, head of sales at Regina Capital Development Corp.