The Philippine Stock Exchange index (PSEi) slipped into the negative territory Thursday, falling 69.98 points, or 1.10 percent, to close at 6,305.37 amid global and domestic jitters.
The broader all-shares index also ended lower, falling 29.76 points, or 0.80 percent, to settle at 3,708.18.
Most sectoral indices ended in the red, led by property which retreated 1.31 percent, holding firms which declined 1.23 percent and financials which fell 1.2 percent.
Mining and oil was the lone gainer, rising 1.12 percent, lifted by stronger metal prices.
“The local bourse ended in the red as risk-off sentiment prevailed following the US credit downgrade and the Philippines widened balance of payment deficit,” Regina Capital Development Corp. head of sales Luis Limlingan said.
President Ferdinand Marcos Jr.’s unexpected call for the courtesy resignation of all Cabinet secretaries also contributed to market’s unease as this could result in shifts in government policy.
Value turnover reached P5.93 billion. Foreign investors remained net sellers with outflows reaching P519.7 million.
Emperador Inc. was the top index gainer, climbing by 1.02 percent to P13.80. The liquor firm reported that an affiliate The Andersons Group acquired 75 million shares in the company worth nearly P1 billion.
China Banking Corp. dropped 4.58 percent to P73.
The peso, however, climbed to 55.58 against the US dollar Thursday from 55.66 Wednesday.
With both global and domestic uncertainties lingering, analysts expect continued market volatility in the near term as investors await clearer signals on economic and policy direction.
