With investors’ attention still on unsteady overseas markets, the local stock market plunged further in the red toward in the last trading session for the week.
Jun Calaycay, Accord Capital Equities Corp. analyst, said the rush of negative news in the last two days and a tepid movements in US stocks overnight have kept investors opting for safety—either liquidating profits and/or staying at the sidelines in wait for the next round of positive impetus.
Calycay further said that Japan, China and the US figured prominently in influencing the
“Asia-wide slump” in equity markets, noting, however, that Japanese stocks recovered about a tenth of its earlier losses.
“Note that the ‘bad news’ came from overseas which overshadowed the rising optimism of businessmen as reflected in the latest Business Expectations Survey,” he added.
On Friday, the Philippine Stock Exchange index (PSEi) ended the session with another correction, falling 0.62 percent, or 45.47 points to 7,268.91.
The wider all-shares index snapped by 0.62 percent, or 45.47 points to 7,268.91.
All the sector indices also ended in the red toward the end of Friday’s session, with the industrial counter pulling back by 0.70 percent, or 76.80 points to 10,855.16, followed by financials, which declined 0.64 percent, or 11.94 points to 1,849.03.
Mining and oil went down 0.61 percent, or 13.08 points toward 17,033.46, while services fell by 0.61 percent, or 12.08 points to 2,121.20. Holding firms erased 32.70 points, or 0.50 percent to 6,552.29, while property registered a 0.26-percent decrease, or 7.76 points to 3,028.37.
Market breadth remained downbeat as decliners prevailed over advancers, 95 to 57, while 56 shares were unchanged.
On Thursday, the PSEi retreated after a two-day recovery as Wall Street fell over poor China manufacturing data, among other overseas news.
The benchmark index also ended the Thursday session in the red, falling 0.96 percent, or 70.69 points to 7,314.38.
“Philippine share prices stayed level most of the way, but a flood of negative news in the afternoon pulled the measure to its lowest point of the day, 168-points deep, but a late entry of buyers narrowed losses at the closing bell,” Calaycay explained.