MANILA, Philippines - Philippine shares incurred sharp losses yesterday as sluggish foreign markets dragged down the local benchmark index.
The Philippine Stock Exchange index (PSEi) plunged 0.99 percent or 71.80 points to close at 7,196.26, while the broader all shares plummeted 1.009 percent or 43.33 points to 4,250.52.
“Global sentiments dampened the local market. Worries on US economy and ongoing political unrest in Hong Kong continues to make its impact to us,” said Astro del Castillo, managing director of First Grade Finance Inc.
The slowdown in US manufacturing growth pulled down the three main index in Wall Street. The Nasdaq dropped 1.59 percent, the Dow slipped 1.40 percent, and the S&P 500 declined 1.32 percent.
Del Castillo said the market is expected to consolidate in the coming days as it continues to look for direction from both domestic and foreign markets.
Locally, it was a bloodbath as all six counters ended in the negative territory. Mining and oil firms saw the biggest drop at 2.60 percent or 440.58 points followed by property firms that lost 1.77 percent or 50.28 points.
Total volume traded reached at 40.37 billion value reaching P9.41 billion. Market breadth was negative as decliners crushed advancers, 139 to 41, while 47 stocks did not change hands.