Index falls to lowest in 2 weeks

MANILA, Philippines — Share prices plunged anew yesterday, with the main index at its lowest level in two weeks, as the market took its cue from weaker trades in Asia and in Wall Street.

The benchmark Philippine Stock Exchange index (PSEi) shed 72.42 points or one percent to close at 7,157.73 while the broader All Shares index slipped 32.97 points or 0.74 percent to finish at 4,420.85.

Total value turnover reached P7.161 billion. Market breadth was negative as losers overwhelmed gainers, 121 to 85, while 41 issues were unchanged.

“The local index tracked Asian markets lower, with aggressive foreign selling driving index issues lower,” AB Capital Securities Inc. said in a market commentary.

It noted that only seven out of the 30 companies comprising the PSEi finished in positive territory.

As some companies have already started reporting better-than-expected third quarter results, traders said the index may recover in the coming sessions.

Next month will also see some capital raising activities in the market including All Day Marts Inc.’s initial public offering and the follow-on offering of Synergy Grid & Development Inc.

In Asian trading, stocks fell across the board as investors were unsettled by risks of renewed US-China tension, potentially adding to existing global supply chain issues.

Investor focus was squarely on developments in China, which is grappling with an economic slowdown due to an energy crunch and a crisis in its property sector, as well as fresh COVID-19 outbreaks. News of the US telecoms regulator revoking China Telecom’s authorization to operate late on Wednesday compounded worries for market participants only too aware that tensions between the world’s two biggest economies previously threw global trade into a disarray.