Index ends at year-low as Wall Street tumbles

MANILA, Philippines — The Philippine Stock Exchange index, the local stock barometer, slumped back to the 8,100 level as it tracked the downturn in Wall Street and other regional markets.

The benchmark index closed at 8,190.01, its lowest level for the year, after falling by 158.73 points or 1.90 percent. It was the lowest finish since Dec. 7, 2017 when it ended at 8,174.93.

The broader All Shares index also lost 69.41 points or 1.37 percent to end at 4,966.44.

All other indexes ended in the red except for mining and oil which managed to eke out gains.

Luis Limlingan, managing director at Regina Capital, said Wall Street posted sizable losses once more, with trade war concerns being at the center once again of attention. 

This, he said, caused the slump in the Philippine stock market.

“Much of the protectionist concern stemmed not only from the actions taken so far, but the prospect of further action, directed specifically at China and potentially emerging markets in Asia,” Limlingan said.

At the same time, he said there were other economic data from the US which also dragged down the index.

Retail sales in the US were likewise weaker.