MANILA, Philippines (Xinhua) – The Philippine stock market further extended its losses today following strings of negative news overseas.
The bellwether Philippine Stock Exchange index dived by 0.99 percent or 71.80 points to 7,196.26, while the broader all-share index fell by 1.009 percent or 43.33 points to 4,250.52.
Trading volume reached 40.37 million shares worth P9.41 billion ($209.27 million) with 139 stocks declining, 41 advancing, and 47 were unchanged.
All six counters were down.
“Stock prices resumed it downward trek following Wednesday’s brief respite as investors took notice of the post-Fed stimulus scenario,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
US stocks fell 238 points overnight.
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Europe has started its trading day well in the red. Crude oil, both WTI and Brent, silver and copper prices dropped. Gold added $3.10 to $1,218 per ounce. The peso weakened to 44.966 pesos against a dollar.
Markets across Asia were in the red with the benchmark MSCI Asia Pacific Index slipping for a fifth straight day.
Meanwhile, protesters dug their heels in the streets of Hong Kong, providing little impetus for investors to enter the equities aggressively. Investors at the local bourse slumped right off the bat, leaving little room for the bulls to maneuver, he said.
“Negativity was pervasive throughout the session with the PSEI dipping briefly below the 6,170 support before gradually picking up towards the close,” Calaycay said.
Stocks in the 30-company index were mostly down. These include heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and the Bank of Philippine Islands.
