Stock market suffers from typhoon’s wrath

MANILA, Philippines — Share prices were not spared from the wrath of Typhoon Carina as the stock market plummeted yesterday on its return following Wednesday’s trading suspension.

The benchmark Philippine Stock Exchange index plunged by 1.23 percent or 82.85 points to close yesterday’s session at 6,670.27.

The broader All Shares index likewise shed 0.87 percent or 31.67 points to settle at 3,606.81.

Philstocks Financial research and engagement officer Mikhail Plopenio said concerns over the economic losses to the country caused by Super Typhoon Carina weighed on the bourse.

Trading at the Philippine Stock Exchange resumed yesterday after it was suspended on Wednesday due to the typhoon.

Plopenio said the local market dropped as investors likewise tracked Wall Street’s selloff overnight amid dismal second quarter corporate results from the tech sector.

“Philippine shares followed the sentiment of regional equities dropping more than one percent after resuming trading following the suspension from Typhoon Carina. Wall Street declined on Wednesday due to a sharp tech-driven selloff following disappointing quarterly reports from major tech companies like Alphabet and Tesla,” Luis Limlingan of Regina Capital said.

Net market value turnover thinned further to P3.74 billion from P4 billion last Tuesday.

Sectoral gauges were covered in red, with mining and oil being the biggest casualty during the session, declining by 3.78 percent.

Holding firms, property and services, meanwhile, lost more than one percent each.

Market breadth was negative as decliners trumped advancers, 121 to 59, while 54 issues were unchanged.