PSEi plunges 2.45% on economic slowdown fears
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 25 Mar 2019 06:03:27 +0000
THE stock market suffered a bloodbath in early trading on Monday as fears of a global recession sparked sell offs among investors.
At noon break, the bellwether PSE index plunged by 2.45 percent or 196.09 points to 7,817.33. The wider All Shares declined by 1.89 percent or 92.98 points to 4,820.33.
Timson Securities Inc. trader Jervin de Celis said that the local market tracked its Japanese counterpart after the latter fell by 3 percent on Monday due to fears of a global economic slowdown. US 10-year treasury yields on Friday inverted for the first time since 2007 following concerns about US economic conditions.
In a separate comment, Eastern Securities Development Corp. trader Jayniel Carl Manuel said that the market pulled back after a run of gains last week.
“I expect our index to recover [in] the next coming days,” he added.
The local market tracked the decline on Wall Street and in the region.
All sectoral results finished in the red, with the holding firms index down the most by 3.06 percent.
The post PSEi plunges 2.45% on economic slowdown fears appeared first on The Manila Times Online.