Stocks tumble anew on lack of new leads

MANILA, Philippines — The stock market tumbled anew yesterday, unable to take off following the absence of leads and continued tensions between the US and China.

Traders said investors are also digesting reports of a looming US recession.

The benchmark Philippine Stock Exchange index (PSEi)slumped by 32.88 points, or 0.42 percent, to end at 7,795.98.

Likewise, the broader All Shares index lost 5.21 points, or 0.11 percent, to finish at 4,741.14.

Most gauges were down, also unable to gain momentum, except for the holding firms and property sectors.

Total value turnover reached P8.7 billion. Market breadth was negative, 127 to 73 while 47 issues were left unchanged.

Nevertheless, foreign buying prevailed at P4.1 billion compared to foreign selling of P3.8 billion for a net foreign buying of P298 million.

Luis Limlingan of Regina Capital gave this comment: “Local shares traded mostly, with most counters adjusting for the index weightings which will be in effect on Monday.”

Meanwhile, world stocks rose on Friday as expectations grew of further stimulus by central banks, offsetting worries about slowing economic growth, which intensified this week as the US yield curve inverted for the first time since 2007.

European shares opened higher, with the pan-European STOXX 600 index 0.7 percent higher and the trade-sensitive DAX index outperforming.

The London Stock Exchange said it was investigating a technical glitch that delayed the opening of the UK’s benchmark FTSE 100 index and FTSE midcap. – With Reuters