Stocks down ahead of US elections

MANILA, Philippines — Share prices opened the week in the red as investors were on a wait-and-see stance ahead of the upcoming US presidential election.

The benchmark Philippine Stock Exchange index slumped on its return from the long weekend, slipping by 0.10 percent or 6.86 points to 7,136.10.

The broader All Shares index also finished in the negative territory, slipping by 0.14 percent or 5.55 points to 3,951.66.

“We’re still seeing the market weighed down by derisking ahead of the Nov. 5 US presidential elections, with foreign investors extending their net selling streak for the fifth consecutive trading session,” AP Securities research head Alfred Benjamin Garcia said.

Net foreign outflows yesterday stood at P777.98 million.

“We’ll likely see more days like this as we wait for the results of the US elections in the coming days,” Garcia said.

Trading was thin as net value turnover amounted to P4.4 billion.

Sectoral gauges were mixed, but were dominated by those in the red.

Mining and oil as well as property took the biggest hit, plunging by 1.93 percent and 1.35 percent, respectively.

Holding firms and services, meanwhile, ended with gains of one percent and 0.88 percent, respectively.

Market breadth was negative as decliners crushed advancers, 107 to 76, while 58 issues were unchanged.

BDO was yesterday’s top traded company, declining by 0.85 percent to P151.50 per share, followed by Ayala Land which rose by 0.92 percent to P33.

ICTSI led the index members with a 2.27 percent jump, while Converge lost the most with a 4.47-percent drop.