The Philippine Stock Exchange index (PSEi) shed 19.02 points closing below the 8,000 mark in yesterday’s trade, January 23.
The decline equivalent to 0.24 percent left the PSEi only amounting to 7,989.65 points.
PSEi’s closing points is considerably higher than its recorded intraday trade of 7,901.64 points caused by the devaluation of peso against the US dollar.
Although PSEi redeemed initial losses, business sectors including financial, industrial, holding firm, services, mining/oil, and property counters dragged down the index resulting in insufficient outcome of the country’s stocks.
The downturn in local stock came before the scheduled release of the country’s report for the fourth quarter 2018 gross domestic product (GDP) performance that is foreseen to have around 6.3 percent of growth.
Local investors mainly pulled the stocks down. Net foreign buying was amounted to P 219.7 million while valued turnover for the day was equated at P 6.6 billion.
