Foreign selling weighs on PSEi for 5th straight day of decline

Share prices on the Philippine Stock Exchange continued their losing streak for the fifth straight trading session on Friday amid selling pressure from foreign funds.

The bellwether PSEi shed 60.85 points or 1.05% to 5,738.39 at the closing bell. The broader All Shares lost 27.25 points or 0.78% to 3,474.01.

“PSEi closed down by 61 points as foreign investors became net sellers amounting to 1.6 billion value turnover,” Unicapital Securities equity analyst Christopher San Pedro said.

Data from the PSE showed foreigners sold P3.91 billion worth of shares and bought P2.27 billion for a net selling position of P1.63 billion.

“The investors remain on the sideline as they await the jobs and inflation report,” San Pedro said.

The Philippine Statistics Authority is set to announced the results of the latest Labor Force Survey on September 3 while the inflation figures for August will be released on September 4. — BM, GMA News