PSEi falls below 6,000, closes at 5,862.59

The Philippine Stock Exchange index (PSEi) dropped below the 6,000 level on Friday, January 31, marking its fifth consecutive day of decline and closing at 5,862.59, down 4 percent for the day.

Most sub-indices closed in negative territory, with financials being the only exception, gaining 22.54 points despite overall market weakness.

The mining and oil sector led losses by dropping 484.31 points to 6,892, while a total of P11.96 billion were traded on Friday, making China Banking Corporation the most active stock with its share price rising by 38.91% to P93.

The market downturn was influenced by slower-than-expected GDP growth figures and concerns over potential Federal Reserve rate hikes, leading analysts like Christina Gabaldon from Metro Bank Trust Investment Management Division to predict a support level at 5800 for the PSEi in February.

With corporate earnings reports expected next month, the performance of banks and utilities will likely determine whether the market improves or continues its downward trend.