Stocks follow drop in global equities

MANILA, Philippines — The benchmark Philippine Stock Exchange index shed 0.87 percent or 53.25 points to close yesterday’s session at 6,066.63.

Also closing in the red was the broader All Shares index, which slipped by 0.09 percent or 3.38 points to settle at  3,671.62.

“The Philippine market followed global equities lower after Fed meeting minutes raised the prospect of higher for longer rates,” AP Securities research head Alfred Benjamin Garcia said.

Philstocks Financial research manager Japhet Tantiangco said the local market also joined its regional peers in the decline as investors dealt with US President Donald Trump’s latest tariff threats on auto, semiconductor and pharmaceutical imports.

Tantiangco said trading was quite active with net value turnover at P5.58 billion, higher than the year-to-date average of P5.21 billion.

Financials was the sole sector in the positive territory, increasing by 0.58 percent, while property lost the most with a 2.56-percent drop.

Market breadth was negative as decliners crushed advancers, 113 to 74, while 58 issues were unchanged.

Among the index members, Puregold Price Club recorded the highest jump at 3.02 percent to P27.25, while Ayala Land posted the biggest drop at 8.06 percent to P22.80.

Ayala Land was also yesterday’s the top traded company, followed by Philippine Seven which climbed by 1.67 percent to P57.75 and ICTSI which inched down by 0.29 percent to P346.