Geopolitical tensions dampen Phl stocks

MANILA, Philippines - Investors turned anxious over geopolitical tensions that dampened sentiments in global and regional markets.

The Philippine Stock Exchange index retreated 0.21 percent or 14.29 points to 6,853.07, while the broader all shares index eased 0.15 percent or 6.21 points to finish at 4,106.37.

“(The decline) was because of geopolitical risks,” said Jose Mari B. Lacson, head of research at stock brokerage Campos, Lanuza & Co.

However, domestic factors like attractive valuations and positioning ahead of the earnings season tempered the losses of the main index, Lacson said.

Wall Street slumped on Thursday following reports that a Malaysian Airlines Boeing 777 carrying 283 passengers was shot down in Ukraine. The US also imposed tougher sanctions against Russia for the annexation of Ukraine’s Crimea.

The Dow Jones industrial average lost 0.94 percent or 161.39 points to close at 16,976.81, while the broader Standard & Poor’s 500 index slipped 1.18 percent or 23.45 points to 1,958.12.

Regional markets also felt the tension as Japan’s Nikkei 225 shed 1.01 percent or 154.55 points to close at 15,215.71 while Hong Kong, Thailand and Singapore closed in the red.

At home, most counters were in the negative territory, led by property firms that dropped 0.64 percent or 16.73 points to 2,608.80. But mining and oil rose 0.07 percent or 12.02 points to 16,667.12.

Investor participation thinned as value turnover reached P5.27 billion, down from P7.69 billion on Thursday. Losers edged out gainers, 94 to 72, while 52 stocks did not change.