Turkey crisis fears weigh anew on PSEi
The stock market fell further on Tuesday as investors remained anxious over the possible ripple effects of Turkey’s financial crisis.
The Philippine Stock Exchange index (PSEi) dropped 1.41 percent or 107.49 points to close at 7,527.78 while the broader All Shares declined 1.16 percent or 53.61 points to finish at 4,578.92.
“It’s still the pessimism over the Turkish crisis that’s curbing risk appetite among investors,” Timson Securities, Inc. trader Jervin de Celis said.
Regina Capital Development Corp. head of sales Luis Limlingan shared the view, saying: “The local market continued to slump, influenced again from the Turkey contagion and continued its second consecutive day of a massive drop off”.
The lira fell to record lows against the dollar on Monday, sparking a global sell-off, but recovered somewhat on Tuesday after the Turkish central bank promised a liquidity boost.
Regional results were mixed, with Tokyo up 2.28 percent but Shanghai and Hong Kong down by 0.18 percent and 0.76 percent, respectively.
In Manila, all sectors were in the red led by property, which fell by 1.92 percent.
Volume turnover stood at 1.34 billion shares valued at P5.3 billion.
Losers continued to lead winners, 141 to 60, while 41 issues were unchanged.
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