Philippine share prices slip on foreign selling

Share prices on the Philippine Stock Exchange dropped for the second consecutive trading day on Monday, dragged by heavy foreign selling.

The bellwether PSEi lost 4.61 points or 0.06 percent to close at 7,642.90. The broader All Shares shed 6.56 points or 0.14 percent to 4,648.11.

“Heavy foreign selling still pressured the market down, hence the downward bias,” Carlo Capacillo, senior dealer at AP Securities Inc., said.

Foreign funds bought P2.042 billion worth of shares and sold P2.464 billion for a net selling position of P421.900 million.

“Index was mostly flat today. Lackluster market; not much to look forward to as earnings are all reported, GDP (gross domestic product) and inflation data as well,” said Capacillo.

More than 501.899 million shares, valued at P5.385 billion, changed hands. Decliners led advancers, 129 to 74, and 38 issues were unchanged. —VDS, GMA News