Market extends losing streak

MANILA, Philippines — The local stock market opened the week in negative territory, extending its decline to a fourth consecutive session after Moody’s Ratings downgraded the sovereign credit rating of the US because of its failure to stem a rising tide of debt.

The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.17 percent or 10.69 points to end yesterday’s session at 6,454.84.

The broader All Shares index also ended in the loss column, dipping by 0.10 percent or 3.71 points to 3,765.66.

China Bank Capital Corp. managing director Juan Paolo Colet said the PSEi ended the trading session slightly lower as it reflected the local market’s tepid reaction to Moody’s credit rating downgrade of the US.

“While the downgrade itself was not a surprise, investors are waiting to see whether the move triggers a more adverse movement in US Treasury yields that could potentially unsettle equity markets,” Colet said.

Net value turnover stood at P5.8 billion.

Sectoral gauges were a mixed bag, led service as well as the mining and oil indexes which rose by 1.15 percent each.

The property index, meanwhile, posted the biggest decline at 1.70 percent.

Market breadth was negative as decliners pummeled advancers, 109 to 86, while 49 issues were unchanged.

ICTSI was the most actively traded stock, climbing by 1.46 percent to P416 per share, followed by BDO and Emperador which fell by 1.62 percent and 0.44 percent, respectively, to P157.80 and P13.46.

JG Summit, meanwhile, led the index members, surging by 13.33 percent to P20.40 a piece.