MANILA, Philippines - Share prices fell yesterday on lack of market-moving news locally, prompting the market to take its cue from foreign bourses.
The Philippine Stock Exchange index dropped 0.24 percent, or 19.19 points, to close at 7,857.18, while the broader All Shares index dipped 0.15 percent, or 7.27 points, to end at 4,697.20.
At the Philippine Dealing System, the peso further weakened yesterday, closing at 50.50 to $1, due to volatilities caused by uncertainties in the global arena, as well as the heavy foreign exchange requirements of banks’ corporate clients.
The currency closed at 50.50 to $1 down 21 centavos from Tuesday’s 50.29 to $1. This is the lowest since the local currency closed at 50.54 on Sept 11, 2006.
“(This is) mostly externally driven. US Congress is not expected to expedite Trump’s tax measures and fiscal spending, negative to market sentiment,” BSP Deputy Governor Diwa Guinigundo told the STAR in a text message.
“Philippine markets fell below Tuesday’s closing along with US stocks decline, as tech shares declined and oil index reversed recent gains. Looking to negative start on Wall Street leads, index unlikely to swing too much on a lack of strong catalysts,” Regina Capital managing director Luis Limlingan said.
Most Asian markets were down as a result of the Wall Street slump.
DA Market Securities Inc. said also impacting markets were Republicans in the US Senate who opted to postpone a vote on a controversial bill to replace Obamacare with a conservative alternative.