PSEi sinks to 6,200 level on economic concerns

STOCKS dropped for the third straight session on Monday, sending the bellwether index back to the 6,200 level, amid the lack of fresh leads and concerns regarding the Philippine economy’s growth outlook.

- Revin Mikhael D. Ochave

The Philippine Stock Exchange index (PSEi) sank by 1.34% or 85,02 points to close at 6,254.36, while the broader all shares index went down by 0.85% or 32.16 points to 3,735.25.

“The local market opened the week on a negative tone as the lack of fresh positive leads allowed worries over the local economy’s outlook to take over sentiment,” Philstocks Financial Inc. Research Manager Japhet Louis 0. Tantiangco said in a Viber message.

“Investors are concerned on how the local economy could accelerate its growth amid lingering global economic uncertainties caused primarily by the United States’ protectionist policies,” Mr. Tantiangco added.