PSEi sinks to 5,629 as crude nears $100 per barrel

Philippine share prices continued their decline on Thursday falling further within the 5,600 level as investors opted out of the local stock market amid rising global fuel prices.

Barometer Philippine Stock Exchange index (PSEi) shed 50.01 points or 0.88% to 5,629.47 at the closing bell. The broader All Shares lost 22.25 points or 0.70% to close at 3.,156.83.

“The local index ended lower as selling pressure remained intact amid crude oil prices nearing the $100 per barrel level,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

Investor sentiment was further weakened after the S&P Global Philippines Manufacturing PMI fell to 49.6 in September from 54.9 in August, according to Limlingan.

“The reading marked the first contraction in five months, raising concerns over weakening manufacturing activity and domestic growth,” he said.

Around 587.441 million shares valued at P7.543 billion, changed hands. Decliners led decliners, 113 to 71, and 57 issues were unchanged. — BM, GMA News

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