Stock market down anew, drops 1.13%
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 11 Mar 2019 16:25:12 +0000
THE stock market opened the week on a down note, falling for a second straight trading day on account of net foreign selling and the lack of positive catalysts.
The benchmark Philippine Stock Exchange index (PSEi) plunged by 1.13 percent or 88.39 points to close at 7,702.72 while the wider All Shares declined by 0.77 percent or 37.04 points to finish at 4,780.18.
Eagle Equities Inc. research head Christopher Mangun blamed foreign fund outflows as having dragged the index down.
Foreign funds bought P2.98 billion worth of issues and sold P3.26 billion for a net foreign selling position of P273 million.
P2P Trade Online sales associate Gabriel Jose Perez echoed Mangun’s view and added that the lack of positive news was also a factor.
“Erratic net foreign [outflows], coupled with more weakness in US markets could dampen sentiment moving forward,” Perez said.
Wall Street’s three main indices fell on Friday, with the Dow Jones dipping 0.09 percent while the S&P 500 and the Nasdaq declined by 0.21 percent and 0.18 percent, respectively.
Most regional markets were in the green on Monday except for Jakarta and Singapore. which slipped by 0.18 percent and 0.08 percent, respectively.
Tokyo was up by 0.47 percent, Shanghai climbed 1.92 percent, Hong Kong jumped 0.97 percent, and Seoul and Bangkok both inched up by 0.03 percent.
In Manila, all sectoral results finished down with the mining and oil index dropping the most by 1.67 percent.
More than 692 million shares valued at P5.48 billion were traded.
Losers led winners, 128 to 63, while 47 issues remained unchanged.
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