Philippine stock index plunges below 6,200-mark


Equity markets from different regions, including the Philippine bourse, were down amid global jitters on Friday.

Astro del Castillo, First Grade Finance managing director, said that global uncertainties remained to be the major factor that kept on dragging down the local stock market, which ended below the 6,200-point mark toward the end of Friday’s trading session.

“We continue to feel the heat of the selling given the continued jitters from overseas markets. Fund managers continue to balance off investments in the global arena,” he explained.

The Philippine Stock Exchange index went down even more deeply during the last trading session for the week, losing 144.50, or 2.28 percent to 6,182.17.

Eagle Securities President Joey Roxas said that aggressive foreign selling triggered the more than 2.28-percent decline in the benchmark index.

“All commodities are down,” he added.

The wider all-shares index shed 98.64 points, or 2.52 percent to 3,821.01. On the sectoral indices, mining and oil crashed 9.55 percent, or 1,416.18 points to end at 13,409.60. This after the price of gold and oil in the world market dropped by 7 percent and about 4 percent, respectively.

The world market recently saw a 7-percent decline in the price of gold or about $95 to $1,278.30 an ounce. This is lowest in two-and-a-half years and well below the psychologically significant $1,300 price level. The price of the silver, on the other hand, went down by 7 percent.

Meanwhile, the price of crude oil tanked in the world market also slid 3.9 percent to $93.45 a barrel.

As for the other local sub-indices, industrial declined by 3.83 percent, or 373.72 points to close at 9,385.75, followed by the property counter, which plummeted 2.65 percent, or 66.70 points to 2,448.22.

Gliding with other sectors, holding firms lost 123.67 points, or 2.18 percent to 5,542.52, while financials dipped by 22.09 points, or 1.36 percent to 1,606.36. The services went down by 1.09 percent, or 20.57 points to 1,873.

Total value turnover was at P12.9 billion with decliners edging advancers, 141 to 31, while 23 shares were unchanged.

Some of the most actively traded stocks were the Philippine Long Distance Telephone Co., SM Investments Corp., BDO Unibank Inc., SM Prime Holdings Inc. Metropolitan Bank and Trust Company and Ayala Corp. The price of these stocks went down except for BDO.


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