MANILA, March 25 (PNA) –- Local share prices retreated anew on Tuesday, tracking declines in European and United States equities on weak American manufacturing data.
The benchmark Philippine stock exchange index (PSEi) almost wiped out previous day’s gains, losing 64.33 points or 1.01 percent to 6,336.34 from 6,400.67.
”Asia Pacific markets struggled with only the New Zealand, Taiwan and Shanghai shares posting gains. The rest of the region is covered in red, weighed by less-than-expected manufacturing numbers from the U.S.,” said Accord Capital Equities Corp. in a report.
It said investors “found little motivation” to stay positive, given a slide in both U.S. and European markets overnight.
All counters were in the negative territory, losing 0.31 percent to 1.46 percent.
Volume of transactions was thin at 870.56 million valued at P6.73 billion.
Decliners dominated advancers, 117 to 40, while 58 issues were unchanged.
The day’s top losers were led by Arthaland Corp., Lorenzo Shipping Corp., Unioil Resources & Holdings Company Inc., IP E-Game Ventures Inc. and Ionics Inc. (PNA)