Index ends below 7,500 level anew

MANILA, Philippines — The stock market’s reprieve from a six-day losing streak proved to be temporary as the index fell below the 7,500 mark again yesterday.

The Philippine Stock Exchange index plunged by 104.22 points, or 1.38 percent, to finish at 7,413.15.

Similarly, the broader All-Shares index was down by 47.01 points or 1.02 percent to settle at 4,555.30.

All counters were likewise in bad shape with the property and industrial indices as among the biggest decliners.

Total value turnover, meanwhile, reached P6 billion. Market breadth was negative, 115 to 67 while 46 issues were unchanged.

Traders said Philippine shares succumbed to profit taking after Thursday’s last minute buying.

“There was also little market making developments overseas,” said Luis Limlingan of Regina Capital.

News that China may be receptive to overtures from the US on new talks did not soothe trade-related jitters, he also said.

And while the Wall Street Journal also reported that Trump officials sense more flexibility among Chinese officials to negotiate to find common ground that could avert a full-blown trade war, Trump said they were wrong.

In a tweet, Trump said: “The Wall Street Journal has it wrong”… “We are under no pressure to make a deal with China, they are under pressure to make a deal with us.”