BAKIT BUMABA NA NAMAN? Mining, oil stocks closes February with 2% decline

The Philippine Stock Exchange index (PSEi) continued to decline, ending February with indices all red including mining and mining sector diving down two percent.

Financials had a 3.03 percent decline leading all local counters. Meanwhile, holding firms and industrial sector followed also having two percent lost as mining and oil.

The PSEi dropped 183.63 points or 2.32 percent. This resulted in PSEi ending in the negative territory for the second consecutive session at 7,705.49.

On the other hand, the broader All Shares index ended at 4,769.75, 79.61 points lower or 1.64 percent.

In an article published by Philstar.com, Regina Capital’s Luis Limlingan said, “Philippines shares closed mostly lower to end the month of February as the sentiment was dominated by Congressional hearings on trade and Federal Reserve policies but light on market-moving news.”

“Drop was due to the MSCI rebalancing which saw outflows on most of the heavy caps. Foreign flows would also have been an outflow of P1.2 billion, without PAL’s block transaction worth P4.9 billion,” Gabriel Perez of Papa Securities said in the same article.