PSEi posts full-week loss of 2.7%, dragged by foreign selling

The Philippine Stock Exchange index (PSEi) posted a full-week loss of 2.7%, closing at 7,045.83 on Friday.

Foreign investors continued to sell local equities for the sixth straight session, with the market dragged down by financial, holding firm, services, and property counters.

On Thursday, the PSEi dipped slightly but ended flat as there was little action in blue chips, with increased selling pressure throughout the day.

Wednesday saw a 0.77% decline in the PSEi as local retail investors favored speculative stocks over blue chips, anticipating faster vaccine distribution and additional fiscal aid from the US under President-elect Joe Biden.