• PSEi falls 1.15% in first morning trade of 2017

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    Philippine shares dropped on Tuesday morning, the first trading session of 2017, as the market sought direction but found no lead except the uncertainty in the year ahead after a year-end rally on Wall Street fizzled.

    The Philippine Stock Exchange remained closed on Monday for an extended New Year holiday.

    As of the end of the morning session on Tuesday, the benchmark PSEi was down 1.15 percent, or 78.80 points, at 6,761.84.

    Trade volume was unsurprisingly thin, with investors still regrouping after being away during the long holiday weekend.

    Players who just returned to the market found no guidance but the soft finish on the US markets on Friday night, with the Dow Jones Industrial Average down 0.29 percent or 57.18 points at 19,762.60, while S&P 500 was 0.46 percent or 10.43 points lower at 2,238.83, and Nasdaq 0.90 percent or 48.97 points down at 5,383.12.

    KNL/NT

     

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