Brexit woes weigh down PH shares

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The PSEi, along with most global markets, plummeted by more than 100 points to the 7,100 level as concerns about the impact of Brexit on the global economy and financial markets emerged anew.

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The benchmark PSEi declined by 1.59 percent or 115.12 points to 7,123.33, while the All Shares decreased by 1.38 percent or 60.22 points to 4,304.65.

Jonathan Latuja, equity analyst at Unicapital Securities Inc., said investors and fund managers around the globe are focused on UK Prime Minister Theresa May’s announcement regarding the separation from the European Union, prompting a sell-off to cash in on gains.

“Most are concerned regarding its implications to global growth and the political risks it highlights at a time that the United States is about to inaugurate a new president,” Latuja said in a text message.

“Expect market to move sideways with a bearish bias amid the ongoing uncertainty overseas,” he added, referring to how political risk dampens investor sentiment.

Out of the sectors, which all registered losses, the property index posted the steepest drop of 2.42 percent.

Only Ayala Corp. registered a 0.45 percent gain among the actively traded shares. Megaworld Corp. lost 6.08 percent, Metrobank plunged by 3.72 percent and PLDT Inc. declined by 2.83 percent.

More than 2.2 billion shares were traded, valued at P5.51 billion. Losers led gainers, 130 to 67, while 41 shares were unchanged.

On Monday, the PSEi dipped by 0.001 percent or 0.07 points to 7,238.45, while the broader All Shares declined by 0.09 percent or 4.04 points to 4,364.87.

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