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MANILA, Philippines (Xinhua) – The Philippine stock market fell today over concerns overseas.
The bellwether Philippine Stock Exchange index dived by 1.21 percent or 80.75 points to 6,604.35, while the broader all-share index dropped 1.09 percent or 43.96 points to 3,990.20.
Trading volume reached 1.27 billion shares worth P7.47 billion ($167.97 million) with 127 stocks declining, 54 advancing, and 37 were unchanged.
Of the six counters, only the service sector bucked the trend.
“A certain degree of wariness marked the beginning of trades for the week as investors weigh last week’s events into their expectations,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
The retreat, he said, is magnified by a failed attempt to sustain trades above the 6800-line.
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“Individual stock eased off recent highs initially weighed by profit-taking but subsequently dragged by increasing concerns over developments overseas that has pulled markets in both Europe and the US,” Calaycay said.
The Dow Jones industrial average index lost 0.85 percent or 140. 19 points on Friday as investors are worried of the escalating tensions between Ukraine and Russia. Likewise, some companies in the US have reported mixed earnings.
Nevertheless, Calaycay noted that foreign investors remain net sellers and this should offer some optimism to the local equities.
Stocks in the 30-company index closed mixed. Among those sold down were Ayala Corp. and Trans-Asia Oil and Energy.
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