PSEi drops below 7000 level on Trump victory, slower growth

MANILA, Philippines — The local stock barometer extended its losing streak, dropping below the 7,000 level on the back of prevailing negative sentiment following a slowdown in the country’s economic growth in the third quarter and concerns over a Trump presidency in the US.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.53 percent or 37.26 points to end at 6,977.18.

The broader All Shares index also ended in the negative territory after slipping by 0.20 percent or 7.84 points to 3,883.80.

“The PSEi dropped to a below the 7,000 mark due to slower Philippine economic growth and Trump’s US election win,” Regina Capital’s Luis Limlingan said.

Net value turnover thinned to P5.28 billion from the previous day’s P9.51 billion.

Sectoral gauges were a mixed bag, with mining and oil leading the charge with a 1.26-percent jump.

Holding firms took the biggest blow, plunging by 1.16 percent.

However, market breadth was positive as advancers edged out decliners, 99 to 94, while 55 issues were unchanged.

Ayala Land was yesterday’s top traded company, dropping by 1.27 percent to P31 per share, followed by BDO with a 0.68-percent decline to P147.

Among index members, Converge ICT Solutions posted the largest gain at 4.71 percent, while SM Investments lost the most with 2.55 percent.

Asia’s markets rally stuttered yesterday after early gains as traders struggled to keep up with another Wall Street record following the US Federal Reserve’s interest rate cut, while they were also weighing the outlook with another Trump administration.