PSEi slumps below 6,300

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The local bourse recorded its lowest close for the year so far after it fell below the 6,300 territory on Wednesday.

The bellwether Philippine Stock Exchange index (PSEi) declined by 0.94 percent or 59.46 points to its intraday low of 6,299.69, while the broader All Shares shed 0.62 percent or 24.39 points to close at 3,882.43.

Philstocks Financial Inc. research associate Claire Alviar said the market slipped as the country’s inflation rate was unchanged in April.

The Philippine Statistics Authority on Wednesday reported that the inflation rate was steady at 4.5 percent in April.

The figure is the same as that of March but is higher than the 2.2 percent recorded a year
ago.

“This is within the BSP’s (Bangko Sentral ng Pilipinas) forecast range in April but this figure is higher than the BSP’s target for this year of 2 to 4 percent given the supply side pressures, which is not helpful amid the Covid-19 (coronavirus disease 2019) pandemic,” Alviar explained.

She noted that most traders also remained on the sidelines as reflected in the weak value turnover of P3.8 billion, which serves as the lowest year-to-date.

The market likewise recorded another round of net foreign selling at P653.37 million, which also weighed on Wednesday’s trading, according to Alviar.

The mining and oil index was the sole climber among local sectors at 1.27 percent, while the holding firms led the decliners at 1.29 percent.

Total volume turnover was at 4.15 billion shares valued at P3.89 billion.

Losers continued to outpace winners, 114 to 92, while 43 securities were unchanged.

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