Index retreats on global recession jitters

MANILA, Philippines — The stock market yesterday had a difficult time moving back to the 8,000 mark as the benchmark Philippine Stock Exchange index (PSEi) plunged by 150.40 points, or 1.87 percent, to finish at 7,863.02.

Likewise, the broader All Shares gauge was down by 70.44 points or 1.43 percent to settle at 4,842.87.

All sectors finished in negative zone with the conglomerates and mining and oil among the biggest decliners.

Total value turnover was thin at P5.4 billion. Market breadth was negative, 142 to 47. On the other hand, 41 issues were unchanged.

Traders said the market was having a difficult time hitting the 8,100 mark.

Concerns of a global recession are on the minds of investors nowadays, traders said.

“The local bourse retreated back below the 7,900 level amid US recession risks signaled by their inverted yield curve and overall global growth slowdown concerns.Conglomerates led a broad based decline, plunging by 2.74 percent,” Philstocks Financials said.

It also noted that neighboring peers also tumbled  on worries of a recession.

Meanwhile, Gokongwei-owned index heavy weight Universal Robina Corp. commemorated its silver listing anniversary yesterday with a special bell ringing ceremony at the Philippine Stock Exchange.