Market slumps for fourth day

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Still not spared from the aftermath of Typhoon Yolanda, the most powerful storm to hit the country, the local stock market extended its losing streak that began from the first trading session of this week.

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The Philippine Stock Exchange index (PSEi) was stuck on the red side, slipping by 0.53 percent or 32.45 points to 6,122.89, while the broader all-shares index plummeted by 0.70 percent or 26.50 points to 3,737.18.

“The market continued its drop as a result of super typhoon Yolanda. TThat messed up a lot of yearend forecast for the index. The minutes of Fed coming out last night saying Fed tapering may come in the next meetings,” Miguel Agarao, analyst at Wealth Securities Inc., said, referring to the US Federal Reserve.

Agarao, however, noted that given the current level of the market, stock prices are starting to look attractive.

Except for industrial and holding firms, majority of the sub-indices recorded huge losses, especially the property sector, which plunged 2.20 percent or 53.78 points to 2,387.44.

The financials sector was the next big loser, shedding 1.96 percent or 29.47 points to 1,472.81, followed by mining and oil, which went down by 1.59 percent or 192.69 points to 11,909.08. Services dipped by 1.14 percent or 21.95 points to 1,897.30.

Holding firms, on the other hand, managed to gain about 45.83 points or 0.82 percent to close at 5,637.13, while industrial advanced a bit by 0.10 percent or 8.40 points to 8,843.88.

After the session, market breadth almost stayed the same with value turnover closing at P8.5 billion. Losers still had huge edge over decliners, 123 to 34.

Some of the biggest losers on Thursday were Metropolitan Bank and Trust Co., Ayala Land Inc., International Container Terminal Services Inc., Philippine Long Distance Telephone Co., BDO Unibank Inc., Manila Electric Co., Security Bank, Travellers International Hotel Group Inc., and Puregold Price Club Inc. The PSEi also shed some points on Wednesday, or by 1.80 percent or 112.51 points to 6,155.34, while the wider all-shares barometer plummeted 1.62 percent or 61.78 points to 3,763.68.

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