PSEi mirrors global stock selloff
The benchmark PSEi plunged 194.75 points, or 2.21 percent, to close at 8,616.00, while the wider All Shares index tumbled 111.40 points to close at 5,070.42. File
MANILA, Philippines — Share prices plummeted yesterday, mirroring the sharp drop in Asian stock markets following a selloff on Wall St. last week.
The benchmark PSEi plunged 194.75 points, or 2.21 percent, to close at 8,616.00, while the wider All Shares index tumbled 111.40 points to close at 5,070.42.
“The drop of the market was largely due to the steep decline of Wall Street last Friday. Other regional markets are also in the red as a result of which,” RCBC Securities Inc. equity research analyst Jeffrey Lucero said.
Regina Capital Development Corp. Business Development head Luis Limlingan attributed the sharp drop to the selloff in US equities market last Friday, which contributed to the worst week for the S&P500 in two years.
“The dramatic slide last week followed very strong performance in the preceding two weeks (S&P is flat on a three week view), and in part was due to profit taking after a very strong start to the year and into earnings,” Limlingan said.
He said European stocks also dropped for a fifth straight session on Friday, with the German market leading the charge south.
“Here at home, we were not spared by the onslaught of selling as the healthy employment data implied the rate hikes expected this year may reach four,” Limlingan said.
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