PSEi extends losing streak on weak economic data overseas

Published May 18, 2020 02:18 PM By JON VIKTOR D. CABUENAS, GMA News

Philippine share prices retreated for the second consecutive trading day on Monday, following the release of weak economic data overseas.

The local stock barometer PSEi plunged by 62.60 points or 1.13% to 5,479.35 at the closing bell. The broader All Shares index lost 31.11 points or 0.93% to 3,325.50.

According to Regina Capital Development Corp. head of sales Luis Limlingan, the continued decline was dragged by the US retail sales which fell by a record 16.4% in April from the previous month.

"Local shares suffered steep losses with data showing US April retail sales plunged more than forecasts and news the Trump administration will block shipments of semiconductors to China's Huawei Technologies, stoking fears of renewed tensions," he said in a mobile message.

Data released by the United States Commerce Department last week indicated that retail purchases collapsed 21.6% year on year.

Shares of embattled ABS-CBN Corp. also resumed trading on Monday after an eight-day suspension, closing the session at P16.24 apiece, down by P1.25 or 7.20% from P17.50 on May 5.

The National Telecommunications Commission (NTC) on May 5 released a cease and desist order preventing the broadcaster to operate its various television and radio stations nationwide, pending a congressional franchise.

More than 445.940 million shares, valued at P3.952 billion, changed hands. Decliners trumped advancers, 141 to 56, and 32 issues were unchanged.—AOL, GMA News
 

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