Stock index turns red on heavy foreign selling

MANILA, Philippines — Share prices declined yesterday as the local market tumbled along with most Asian bourses.

The main composite index PSEi finished at 7,681.25, down 75.47 points, or 0.97 percent, while the broader All Shares gauge lost 32.40 points, or 0.69 percent, to end at 4,655.99.

All sectors were in the red as well, making it a red letter day for the stock market.

Total value turnover was also thin at P4.795 billion. Market breadth was negative, 114 to 60 while 58 issues were left unchanged.

Traders said investors are pessimistic over the prospects of the US-China trade talks which are set to begin this week.

Foreign investors dumped Philippine shares with foreign selling at P1.87 billion.

Traders said this dragged the main index down as risk averse fund managers let go of their Philippine shares.

Turnover value for the day comes was below average at P3.16 billion.

Traders said investors may take a wait and see stance whether or not foreign selling would continue today and all eyes will be at the initial public offering of Villar-owned All Home, which is set to debut in the stock market today.

All Home plans to raise a record P12.94 billion from the sale of 1.125 billion shares at P11.50 each. The price is at the low end of its indicative price, with the top end at P16 per share.