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Philippine stock market falls 3.5 percent amid foreign selling

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/03/17/pse-bgc-jc-20200218.jpg"/></figure></div><p>MANILA - The Philippine stock market fell sharply on Friday, shedding 3.5 percent or 239 points to close at 6612. </p><p>Friday&#x27;s bloodbath extended the week’s losses to 6.1 percent as foreign players continued to exit Philippine shares. </p><p>The stock market saw net foreign selling hit P3.1 billion on Friday, doubling this week’s total net outflow to P6.2 billion. Foreign outflows deepened and are now on their 11th day.</p><p>This was the stock market&#x27;s 3rd weekly drop this year. </p><p>The market selloff came after the International Monetary Fund&#x27;s downward revision of its growth forecast for the country to 6.6 percent from 7.4 percent, and the release of official GDP figures showing the <a href="https://news.abs-cbn.com/business/01/28/21/philippine-economy-shrinks-83-percent-in-fourth-quarter-full-2020-growth-at-95-pct">worst economic contraction</a> since the end of World War 2. </p><p>Analysts said the announcement this morning that Metro Manila will remain under<a href="https://news.abs-cbn.com/news/01/29/21/metro-manila-13-areas-stay-under-gcq-general-community-quarantine-lockdown-in-february-covid-19-update"> general community quarantine</a> until end-Feb; as well as forecasts that the country will only achieve mass vaccination by the fourth quarter of 2023, also weighed on sentiment. </p><p>The PSE index broke two key supports this week: the psychological support of 7000, and chart support of 6800.</p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/qN93VtAzbz0?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div> </div>

<p>Friday's bloodbath extended the week’s losses to 6.1 percent as foreign players continued to exit Philippine shares. </p>

Friday's bloodbath extended the week’s losses to 6.1 percent as foreign players continued to exit Philippine shares.