• Stock market down anew


    SHARE prices retreated anew on Thursday, continuing a global decline attributed to fears of accelerated interest rate increases in the United States.

    The benchmark Philippine Stock Exchange index (PSEi) lost 0.11 percent or 9.52 points to 8,465.77 while the broader All Shares dipped 0.10 percent or 5.31 points to end at 5,077.63.

    “I think we were brought down by the US downside market,” Summit Securities, Inc. President Harry Liu said, adding that the market was likely to go through a medium-term consolidation before rising anew.

    Papa Securities Corp. equity trader Gabriel Perez, meanwhile, pointed to Gokongwei-owned JG Summit as having pulled down the stock market.

    “The PSEi looked like it was finally recovering late in the afternoon after being weighed down by JG Summit the entire day. Unfortunately, the index was sold down at the close to end 9 points lower than the previous close at 8,465.77,” said.

    “JG Summit weighed down the index the most to have a loss of 5.4 percent … even falling as much as 6.8 percent. With this movement, we could look to 66.55 as JG Summit’s next support which was its low last December,” he added.

    The conglomerate’s shares ended down 5.42 percent or P3.90 to P68.10 apiece.

    Among all counters, only the services and property managed gains, up 0.10 percent and 1.55 percent, respectively.

    Volume turnover reached 6.89 billion shares valued at P7.56 billion.

    Losers led winners, 110 to 84, while 49 issues remained unchanged.


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