Index falls below 7,300

MANILA, Philippines - Share prices closed lower yesterday amid doubts about the future policy agenda of the Trump administration in the US and lack of stronger leads at home.

The benchmark Philippine Stock Exchange index (PSEi) shed 23.65 points, or 0.32 percent, to end at 7,245.97 while the broader All Shares index dipped 6.74 percent, or 0.15 points, to finish at 4,370.

Total value turnover reached P7.77 billion. Decliners outnumbered advancing stocks, 90 to 81 while 51 issues were left unchanged.

Traders said Philippine stocks took the cue from Asian bourses which got off to a weak start amid lingering doubts about the future policy agenda of the Trump administration, particularly on health care.

Commenting on yesterday’s session, Luis Limlingan, managing director of Regina Capital, said markets were affected by the eleventh hour decision from House Republican leaders to abandon the bill  that will replace the Affordable Care Act.

“Following the cancellation of the House vote on the health bill, Congress is likely to turn its attention to the Supreme Court nomination and budgetary issues. Preliminary discussions on tax reform could begin soon but we do not expect legislative action on tax reform until June,” Limlingan said.