MANILA, Philippines – The Philippine Stock Exchange index (PSEi) dropped for the fifth consecutive day, plunging below the 6,000 levels on Friday, January 31.
The bellwether PSEi ended the month by plummeting 245.07 points to close at 5,862.59. This is also the fourth straight week the main index declined.
Most sub-indices ended in the red, save for financials, gaining 22.54 points to end at 2,173.
The biggest loser on Friday was the mining and oil sector, which lost 484.31 points to 6,892.
Clik here to view.
Majority or 135 listed firms saw their share prices decline, while 76 advanced and 42 names closed unchanged.
This comes a day after the Philippine Statistics Authority reported that the Philippines gross domestic product (GDP) posted a 5.6% growth rate in 2024, below the government’s target of 6% to 6.5%.
Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that this was “softer than expected.” He added that trading may have also been affected by US President Donald Trump’s threats to impose higher US tariffs.
Clik here to view.
A total of P11.96 billion were traded on Friday.
The most active stock was China Banking Corporation, which saw its share price increase by 38.91% to P93. Total value traded reached P6.5 billion, accounting for almost half the PSEi’s total turnover. – Rappler.com
