Philippine shares slid for the fifth day this week amid the aftermath from Super Typhoon Yolanda, the world’s most powerful storm that hit the country
two weeks ago.
For the five straight days, the local market has been closing on the red side with the Philippine Stock Exchange index (PSEi) ending Friday’s trade with a 0.62-percent decline, or 38.05 points to 6,084.84. This is the lowest plunge of the benchmark index since September 9, 2013, when PSEi plummeted toward 5,997.04
According to Papa Securities Inc. analyst Freya Natividad, the market was still affected by the aftermath of Yolanda, and weighed by the lack of fresh leads.
“Then there was a report that Fed might taper its stimulus measures in the coming months. Parang negative bias ang lumalabas na news [the news are on negative bias], those weigh on the PSEi performance,” she added.
The wider all-shares index also plummeted on Friday, this time by 0.52 percent, or 19.55 points to 3,717.63.
Also, all the sectoral indices were down, led by property, which lost 1.04 percent, or 24.92 points to 2,362.52, followed by holdings firms, which went down 0.62 percent, or 34.85 points to 5,602.28.
Services, on the other hand, declined by 0.60 percent, or 11.43 points to 1,885.87, while the industrial counter plunged by 0.56 percent, or 49.49 points to 8,794.39. Financials erased 4.74 points, or 0.32 percent to 1,468.07, while mining and oil lost 18.75 points, or 0.16 percent to 11,890.33.
Market breadth was a bit unchanged with total value turnover closing at P7.4 billion. Decliners outnumbered advancers again, 95 to 64, while 38 issues were unchanged.
Some of the top losers on Friday were Philippine Long Distance Telephone Co., Universal Robina Corp., SM Investments Corp., Security Bank Corp., Ayala Land Inc., Manila Electric Co., JG Summit Holdings Inc., Globe Telecom Inc. and GT Capital Holdings Inc.