Jittery investors further drag down stocks

MANILA, Philippines — Share prices continued to slide for the third straight day as investors continue to stay on the sidelines due to geopolitical uncertainties and rising oil prices.

The benchmark Philippine Stock Exchange index (PSEi) declined by 85.73 points, or 1.12 percent, to finish at 7,560.47, while the broader All Shares index also slumped to 4,612, down 40.46 points or 0.87 percent.

The peso was also down by 27.50 centavos to close at 52.470 from 52.195  to $1 on Tuesday.

Analysts said a slew of factors, both local and global, have been keeping investors jittery, prompting them to stay on the sidelines, traders said.

Here at home, rising oil prices have been causing uncertainties in the market given the impact on inflation.

Outside the Philippines, geopolitical uncertainties from recent developments such as the resolution the US-China trade war have also been a concern for investors, said Astro del Castillo, managing director at First Grade Finance Inc.

“Geopolitical uncertainties and higher oil prices continue to dampen sentiment in the market. US-China trade war and US-North Korea peace pact remain unclear,” he said.

Against this backdrop, domestic inflation and weaker peso are also adding to the worries of investors, he said.