The stock market fell anew on Monday as investors opted for caution following a US-led strike on Syria.
The benchmark Philippine Stock Exchange index (PSEi) declined by 0.38 percent or 29.73 points to close at 7,870.25 while the broader All Shares dropped 0.49 percent or 23.37 points to finish at 4,771.28.
“Everybody is just watching the US condition after the strike, and then [there is]our situation on the Train [law]; there are some concerns it is not going to help certain industries,” Summit Securities, Inc. President Harry Liu said.
Most Asian markets fell on Monday in response to Saturday’s strike on Syria, which US President Donald Trump had threatened in response to the Assad regime’s use of chemical weapons on civilians.
“Economic numbers are there and were already absorbed by investors,” Liu said, “So people are just saying ‘let’s go on the sidelines and see what would transpire on the developing stage.’”
“I feel the next few months, market will still be very volatile in its direction.”
After hitting above 9,000 peaks at the start of the year, the local stock market has since been mired at around the 8,000 level.
“Philippine markets started [the week]slow given the geopolitical tensions keeping markets in a wait-and-see mode,” Regina Capital Development Corp. Managing Director Luis Limlingan said.
Most sectors ended Monday in the red except for property, which rose by 0.28 percent.
Volume turnover reached 1.67 billion shares valued P4.77 billion.
Losers outnumbered winners, 130 to 68, while 49 issues were unchanged.