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PSEi falls below 6,000 on strong selling pressure
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BusinessWorld Online
THE MAIN INDEX on Monday fell below the 6,000 mark for the first time in nearly six months, succumbing to selling pressure amid a lack of positive trading drivers.
The benchmark Philippine Stock Exchange index (PSEi) sank by 0.49% or 29.52 points to close at 5,997.60, while the broader all shares index dropped 0.23% or 8.46 points to 3,636.34.
“The PSEi fell below the 6,000 mark as prices continued to decline despite last week’s all-red performance.
Selling pressure remains strong, with the market still lacking any positive catalyst,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Value turnover dropped to P4.72 billion with 1.37 billion shares traded from Friday’s P5.46 billion with 1.66 billion shares changing hands.