Philippines stocks plummet on Wall Street cues

MANILA, Philippines — The benchmark index plunging below the 6,400 level as share prices opened the week in the red after taking cues from the decline in US equities last Friday.

The Philippine Stock Exchange index (PSEi) plummeted by 2.36 percent or 153.22 points to end yesterday’s session at 6,343.10.

The broader All Shares also finished lower, dropping by 1.33 percent or 49.94 points to 3,704.91.

Online brokerage firm 2TradeAsia.com said that sentiment swayed to Wall Street’s sharp retreat, with US equities slumping last Friday as latest unemployment data supported views for the Fed to maintain its key interest rates this month.

“The PSEi follows the weakness of regional markets triggered by weaker Asian currencies and higher US Treasuries,” Sun Life Investment Management and Trust Corp. president Michael Enriquez said.

Trading activity remained thin as net value turnover stood at P4.43 billion.

All counters were in the negative territory, led by holding firms which fell by 3.47 percent.

Except for mining and oil which declined by 0.30 percent, all other indexes lost by more than one percent each.

Market breadth was negative as decliners battered advancers, 123 to 68, while 51 shares were unchanged.

BDO was the yesterday’s most actively traded company, inching down by 0.54 percent to P146.70, followed by Ayala Land which dropped by 4.72 percent to P25.25.

Ayala Corp. was the biggest loser among index members with a 4.89-percent drop, while Semirara Mining and Power Corp. posted the biggest increase of 0.72 percent.

“Although market activity remains anemic, we may expect the index to test 6,200 soon. We may need to wait for better guidance when Trump assumes office next week,” Enriquez said.