For the third straight day, the Philippine Stock Exchange index (PSEi) on Tuesday plunged to a new low, losing 1.29 percent to 5,629.07 points.
This, as investors are still bothered by the disappointing 4-percent gross domestic product (GDP) growth for the third quarter of this year, which was partly caused by the uncovering of massive corruption in flood control projects.
To recall, the PSEi closed at 5,759.37 points on Friday (November 7) and 5,702.64 on Monday (November 10), both new lows for the current year.
Luis Limlingan, Regina Capital Development Corporation head of sales, said heavy selling marked the day’s trading.
“Investor confidence remains weak amid the release of key macroeconomic data and corporate earnings, which further dampened sentiment and prompted continued profit-taking and risk-off moves in the market,” he said.
Meanwhile, the All Shares index decreased by 0.94 percent to 3,465.61 points.
Most of the sectoral indices also finished on the red, namely the Financials, 3 percent; Property, 2.06 percent; Holding Firms, 1.30 percent; Industrial, 1.29 percent; and Mining and Oil, 1.13 percent.
Only the Services index gained during the day after rising 1.23 percent.
Volume reached 2.03 billion shares, amounting to P8.56 billion.
Decliners led advancers at 123 to 59 while 63 shares were unchanged.
PIXABAY PHOTO