Stock market snaps 3-day climb
MANILA, Philippines — Share prices tumbled yesterday on lack of positive catalysts, snapping the local stock market’s three-day winning streak.
The benchmark Philippine Stock Exchange index slipped by 0.16 percent or 10 points to settle at 6,158.48.
Also finishing in the negative territory was the broader All Shares index, which inched down by 0.01 percent to 3,658.25.
“The market continued to move sideways despite Trump’s softening stance toward the trade war with China, as investors await fresh leads,” AP Securities research head Alfred Benjamin Garcia said.
Net value turnover thinned to P4.6 billion from the previous day’s P7.6 billion.
Sectoral gauges were dominated by those in the positive territory, led by mining and oil, which jumped by 2.10 percent.
Services, meanwhile, took the biggest blow with a 1.47-percent drop.
Advancers crushed decliners, 112 to 90, while 36 issues were unchanged.
ICTSI was yesterday’s most actively traded stock, plunging by 3.68 percent to P340 per share, followed by Globe and BDO which declined by 2.24 percent and 0.62 percent, respectively, to P1,965 and P160.
Meanwhile, Asian markets were mixed yesterday after President Donald Trump said he had “no intention” of firing the US central bank head and made conciliatory comments on his trade war with China.
Trump’s attacks on the Federal Reserve for not cutting interest rates had raised fears that he would fire its “Mr. Too Late” chief Jerome Powell, in a major blow to its independence. – AFP
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