Index slumps below 7,500 on trade war concerns
MANILA, Philippines — The stock market weakened further, slumping below the 7,500 level yesterday as market investors remained risk averse as a result of the US-China trade war and lack of more positive catalysts in the market.
President Trump signed on Wednesday an executive order that could restrict Chinese telecommunication giants such as Huawei Technologies and ZTE from selling their products in the US.
The benchmark Philippine Stock Exchange index plunged by 101.55 points, or 1.34 percent, to close 7,475.16 while the broader All Shares gauge lost 45.31 points, or 0.96 percent, to end at 4,662.86.
The bloodbath extended to all sectors, resulting in an all red day for the stock market. Heaviest decliners were the industrial and holding firms gauges.
Total value turnover reached P8.560 billion. Market breadth was negative, 116 to 78 while 45 issues were unchanged.
Yesterday’s close stood the lowest for the year so far as the index was dragged by heavyweights Ayala Corp., which lost 4.8 percent, Jollibee Foods Corp., which declined 2.7 percent after reporting a decline in first quarter income and BDO which lost 2.3 percent.
Foreign buying reached P3.9 billion while foreign selling was at P5.7 billion, resulting in net foreign selling of P1.9 billion. a
- Latest
- Trending
