The local stock barometer returned to the doldrums on Thursday as concerns over rising domestic inflation and coronavirus cases negated good tidings from regional markets.
The main-share Philippine Stock Exchange index (PSEi) declined by 89.14 points, or 1.31 percent, to close at 6,719.18, underperforming all peers in the Asia-Pacific.
“It’s looking to be another sideways ending for the week for the PSEi as the remaining two days lack any immediate catalysts enough to kick the index out of its rut,” local stock brokerage Papa Securities said.
The brokerage added that liquidity was likely being sapped from the market by investors’ fixation with stocks outside the PSEi. For instan…
Keep on reading: Rising COVID-19 cases, inflation pull back PH shares