PSEi falls 1.37% on US economic concerns

Investors continued to sell off their positions for profit, causing the Philippine Stock Exchange Index (PSEi) to fall into negative territory on Thursday, October 10.

The PSEi dropped by 1.37 percent or 101.15 points to close at 7,310.32, while the All-Shares index declined by 0.55 percent to settle at 4,015.16.

Philstocks Financial Inc.'s research manager noted that negative spillovers from Wall Street and above-expected US inflation figures dampened investor sentiment.

All sectoral indexes closed in the red, with Property (-2.2%), Services (-1.7%), Mining and Oil (-1.44%), Holding Firms (-1.36%), Financials (-1.04%), and Industrial (-0.28%) leading the losses.

Trading volume was tepid at PHP4.05 billion, below the year-to-date average of PHP5.21 billion, with foreigners being net sellers for a second straight day.