Psei down in morning trade as investors digest Luzon quake aftermath
MANILA, Philippines — Philippine shares were in the red at the end of the morning trade Tuesday as investors digest the aftermath of a magnitude 6.1 earthquake that struck Luzon on Monday.
As of market recess Tuesday, the bellwether Philippine Stock Exchange index was down 0.72% or 55.97 points to 7,776.46. The broader All Shares index was also in the negative territory, down 0.41% or 19.75 points to 4,814.93.
“Investors may remain on the sidelines as they gather more information regarding the aftermath of last night's earthquake. If there's any indication, Philippine iShares were slightly down -0.61% to 34.46,” Luis Limlingan of Regina Capital said in a market commentary.
Authorities say that as of mid-morning on Monday, 11 people have been confirmed dead in the aftermath of the earthquake.
The quake — which was tectonic in origin — hit Castillejos, Zambales at around 5:11 p.m. Monday. The Philippine Institute of Volcanology and Seismology earlier recorded a magnitude 5.7 quake before revising it to magnitude 6.1.
A total of 447 aftershocks were recorded as of 10 a.m. Tuesday following the tremor that hit Luzon and swayed buildings in Metro Manila.
‘Cautious’
Stocks were generally lower in Asian trade on Tuesday as investors move cautiously ahead of a deluge of corporate results later in the week.
Tokyo stocks were trading down with profit-taking before 10 days of holidays in Japan weighing on the market.
With many markets opening after an extended Easter break, Hong Kong Shanghai, Taiwan, Singapore were all down, while Australia and Seoul were trading up.
"Some of the world's biggest technology companies are reporting earnings this week as well as a raft of the big European banks," Nick Twidale, chief operating officer at Rakuten Securities Australia, said in a note to clients.
"Investors will be hoping for some better-than-expected results from both groups to keep the topside momentum in global equities, however if the data starts to show a significant slowing across these key industries then expect both stocks and risk trades to start to come under some heavy pressure."
Major earnings releases expected this week include Amazon, Facebook, Microsoft, Exxon Mobil and auto maker Tesla.
Aerospace giant Boeing will report earnings on Wednesday for the first time since a deadly March 10 plane crash plunged the company into crisis-mode. — Ian Nicolas Cigaral with AFP
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