• PSEi down to 7,500-level on political concerns

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    THE Philippine Stock Exchange index (PSEi) on Friday settled below the 7,500-level on profit-taking, as investors worry about political uncertainty surrounding the Duterte administration.

    The benchmark PSEi lost 1.11 percent or 85.28 points to 7,581.79 at the closing bell, while the All Shares fell by 0.68 percent or 31.19 points to 4,534.34.

    “What’s causing the market to soften … is the series of issues that caused the sideline- attitude of investors, which include the Abu Sayyaf attack, the Davao bombing and threats, and the Asean visit of the President,” Harry Liu, president of Summit Securities Inc., said in a phone interview.

    “But our fundamentals haven’t changed. Our dollar is stable. Dollar reserves are all steady. There are no drastic changes.

    “I think for the long term, we’re still very much positive. Because the administration is trying its best to control everything. And with the sound economic fundamentals, I think we’ll do well. It’s just a temporary downtrend as of now,” Liu added.

    More than 2.45 billion shares, valued at P9.99 billion, were traded on Friday. Decliners outnumbered advancers, 109 to 88, while 45 issues were unchanged.

    On Thursday, the PSEi rose by 0.63 percent or 47.97 points to 7,667.07, while the All Shares also climbed 0.51 percent or 23.18 points to 4,565.53.

    There will be no trading on Monday, September 12, in observance of Eid’l Adha or the Muslim Feast of Sacrifice.

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