Stocks mirror Wall St decline
The benchmark Philippine Stock Exchange index lost 82.27 points, or 1.03 percent, while the broader All Shares index lost 32.41 points, or 0.68 percent, to end at 4,695.15. File
MANILA, Philippines - The stock market continued to retreat yesterday, echoing the decline in US stocks, analysts said.
The benchmark Philippine Stock Exchange index lost 82.27 points, or 1.03 percent, while the broader All Shares index lost 32.41 points, or 0.68 percent, to end at 4,695.15.
Most counters ended in negative territory, led by the financials, holding firms and services index.
Total value turnover reached P29.07 billion, of which foreign buying was P24.37 billion while foreign selling was P23.76 billion.
Luis Limlingan of Regina Capital said the local market took the cue from US markets, which went down because of the decline in the tech stocks. Nasdaq has been down for the past four days and sees no signs of stopping.
“Locally investors were negatively surprised with cash remittances dropping to a 15-month low of $2.08 billion in April, partly due to a stronger dollar as well as a decline in remittances from land-based workers,” Limlingan said.
The remittance flows last April were the lowest since January 2016’s $1.997 billion, the Bangko Sentral said.
Meanwhile, Asian stocks steadied yesterday taking in stride the resumption of the US technology rout overnight, and European shares look set for a positive start following Thursday’s losses.
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