Philippines Stocks Slip For 5th Day

Local share prices declined for a fifth day in a row on Thursday, as investors remained cautious less than two weeks ahead of the elections.

The benchmark Philippine Stock Exchange index (PSEi) lost 17.97 points to 7,162.56 from 7,180.53 close the previous day.

Victor Felix, equity analyst at AB Capital Securities, Inc., said some investors “stayed off” amid the May 9 elections.

Counters were mixed, with holding firms, services and industrial sectors finishing in negative territory.

Property and financial sectors rose slightly, while mining and oil surged 2.21 percent.

A total of 1.27 billion shares valued at Php6.68 billion changed hands. (PNA) RMA/LDV