US market slump drags PSEi in morning session
PHILIPPINE shares dropped on Thursday following a slump in the US stock market.
The bellwether Philippine Stock Exchange (PSE) lost 2.36 percent or 167.89 points, ending at 6,961.53 as of market recess.
“This onslaught is mainly brought by the US market sell-off – Dow [Jones Industrial Average or DJIA], S&P [500], and Nasdaq [Composite Index] – has recently entered correction territory followed by Asian markets also. This is brought by weaker sales of houses and mixed earnings result of which PH equities affected by this negative sentiment,” Piper Chaucer Tan, research analyst at Philstocks Financial Inc., said.
“Treasuries yield lowered citing an increase in demand for safe haven financial instruments,” he added.
The DJIA dropped 2.4 percent or 606.11 points to close at 24,583.42. The S&P 500 decreased 3.1 percent or 84.59 points to end at 2,656.10.
The Nasdaq dropped 4.4 percent or 329.14 points to trade at 7,108.4.
All sub-sectors were in the red, with financials and holding firms incurring the biggest losses in the morning trading session. JORDEENE B. LAGARE
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