Stocks dive further on geopolitical concerns

MANILA, Philippines — Share prices continued to nosedive yesterday as investors, spooked by geopolitical concerns, opted to remain on a wait and see stance, analysts said.

The benchmark Philippine Stock Exchange index drifted even lower by 1.87 percent, or 146.86 points, to finish at 7,723.39, while the broader All Shares index declined 1.58 percent, or 75.32 points, to close at 4,695.96.

All counters were also significantly down yesterday led by the financials and mining and Oil indexes.

Traders said Philippine markets were sold down due to lingering concerns between Western powers and Syria.

The US, France and Britain launched their attacks on Syria on Saturday following Syria’s use of chemical weapons.

It marks the biggest intervention by Western powers.

“Philippine markets were sold down due to the tensions developing between Russia, US and Syria. Traders weighed weekend strikes in Syria and potential for additional US sanctions against Russia,” said Luis Limlingan of Regina Capital.

In addition, he said, key Chinese gross domestic product data was being watched as investors continue to look for stability in the Chinese Economy.