Stocks tumble anew on weak global markets

MANILA, Philippines — Share prices continue to tumble, mirroring the performance of overseas equities markets which continue to weaken due to rising recession fears, analysts said.

The benchmark Philippine Stock Exchange index retreated by 29.79 points, or 0.37 percent, to close at 7,828.86, while the broader All Shares gauge slipped at 22.57 points, or 0.47 percent, to close at 4,746.35.

Most of the indexes were down too.

 “Can anyone say rebound? The PSEi had a crazy day after falling by as much as 234 points early on in the morning, before recovering sharply throughout the day to end only 29 points in the red at 7,828.86. Weakness from the US markets last night with the Dow falling 800 points caused the negativity early on in the day,” P2P Securities analyst Gabriel Perez said.

In terms of  specific issues, Alliance Global Inc. was down 4.7 percent as was DMCI Holdings which was down 3.1 percent. SM Prime Holdings also lost 2.8 percent. These three issues had the largest losses of the day.

“SMPH and AGI were dragged by the highest net foreign selling of P468 million and P142 million, respectively,” Perez said.

On the other hand, Metro Pacific Investments Corp. climbed by 2.9 percent while Puregold rose 2.1 percent. Megaworld was also up 2.1 percent.  MPI and MEG were notably one of the ones that sharply recovered from their intraday lows, Perez said.

He said that despite today’s sharp recovery, “it might be too soon to say if the index is out of the woods – especially since we already saw how the PSEi can react to US market movements.”