Election jitters continue to dampen stocks

MANILA, Philippines - The stock market continued to stay in negative territory yesterday on pre-election jitters, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) eased 3.27 points to settle at 7,159.29.

The broader All Shares index closed at 4,245.89, slightly lower by 1.96 points or 0.04 percent.

One analyst, who declined to be named, attributed the decline to pre-election jitters brought about by the widening lead of presidential frontrunner Rodrigo Duterte who is perceived to be incapable of running the economy.

Such jitters are causing uncertainty in the stock market and could even push the peso to hit 48 to $1 from a trading level of 46 to $1.

Jonathan Ravelas, chief market strategist at BDO Unibank said the peso could indeed hit 48 before heading back to 46.50 to $1.

Counters were mixed with the financials, industrial and holding firms closing in the red while the services, mining and oil and the property barometers stayed in positive territory.

Elsewhere in the region, Asian stocks also declined after the Bank of Japan kept its rates unchanged, quashing expectations of further stimulus.

Value turnover reached P6.08 billion during yesterday’s session which saw decliners outnumber advancing stocks, 114 to 61 and left 55 stocks unchanged.