PSEi continues retreat as investors await corporate earnings

Philippine share prices retreated for the second consecutive session on Monday, as investors await corporate earnings reports.

The local stock barometer lost 1.59 points or 0.03% to 6,369.28 at the closing bell. The PSEi shed 1.8% or 116.64 points to 6,370.87 on Friday.

Meanwhile, the broader All Shares index lost 0.03 points or 0.001% to 3,923.00.

"Local shares started the month of May on a soft note as one of the busiest weeks of 1Q21 earnings came to a close in the U.S., while the Philippines geared for more corporate releases," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Overseas, Limlingan said investors chose to take profits amid a flurry of reports and robust profits of e-commerce giant Amazon.

"Many also remained on the sidelines as concerns of wider lockdowns in India and Brazil offset a bullish outlook on summer fuel demand and economic recovery," he said.

Foreign funds bought P1.596 billion of shares during the session and sold P2.026 billion for a net selling position of P429.450 million.

More than 3.025 billion shares, valued at P4.389 billion, changed hands. Decliners led advancers, 111 to 83, and 56 issues were unchanged. — RSJ, GMA News