Mid-East jitters, profit taking dampen index
The main composite index lost 48.26 points, or 0.60 percent, to end at 7,953.12 while the broader All Shares index lost 19.96 points or 0.41 percent to settle at 4,740.31. File
MANILA, Philippines - After hitting its highest closing level for the year on Monday, the benchmark Philippine Stock Exchange index (PSEi) dipped again to the 7,900 mark as investors took profits and because of jitters caused by uncertainties in the Middle East.
The main composite index lost 48.26 points, or 0.60 percent, to end at 7,953.12 while the broader All Shares index lost 19.96 points or 0.41 percent to settle at 4,740.31.
Traders said geopolitical uncertainties in the Middle East caused market jitters.
Arab nations led by Saudi Arabia and Egypt on Monday cut ties with Qatar, accusing it of supporting extremism.
It is the biggest diplomatic crisis to hit the region in years and is seen to affect overseas Filipinos in Qatar.
Most of the counters likewise closed in negative territory led by the financials, holding firms, property and mining and oil.
Only the services gauge ended in positive territory.
Total value turnover, however, remained robust at P8.18 billion.
Decliners outnumbered advancing stocks, 115 to 83 while 47 issues were left unchanged.
Yesterday’s close was a stark contrast to Monday’s end at 8,001.38, up 93.72 points or 1.18 percent, the highest closing level for the year.
PSE president and chief executive officer Ramon Monzon said the market’s breach of the 8,000 level can be attributed to the optimism over the developments in the Department of Finance’s Comprehensive Tax Reform Program.
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