Share prices fell for a fifth straight session Wednesday, with trading interest dampened by recent gains in the bond market.
The Philippine Stock Exchange index (PSEi) dropped 0.75 percent, or 45.96 points, to close at 6,082.93. The broader All Shares index shed 0.47 percent, or 17.41 points, to 3,663.62.
Market breadth was negative, with 109 losers against 91 gainers, while 56 issues were unchanged.
Trading turnover reached P5.37 billion from 705.16 million shares across 71,315 transactions.
Foreign funds were net sellers by P921.7 million, with P2.49 billion in purchases against P3.41 billion in sales.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the equities market was feeling the pressure of recent gains in the Treasury bond market “amid some market expectations of a possible inclusion in the JPMorgan Global Emerging Market Bond Index.”
“The market continues to decline under sustained selling pressure as uncertainties in the macroeconomic environment and other news weighed on investor sentiment,” added Luis Limlingan, managing director at Regina Capital Development Corp.
Japhet Tantiangco, research manager at Philstocks Financial Inc., cited corruption issues surrounding public flood-control projects, the peso’s weakness against the US dollar, and uncertainty over US tariff policies as major drags.
“Rising long-term Treasury yields in the US also weighed on the bourse,” he said.
