MANILA, Oct. 13 (PNA) — Local shares incurred sharp losses on Monday on overseas concerns, pulling the index below the 7,000 territory.
The benchmark Philippine stock exchange index (PSEi) plunged 199.26 points or 2.78 percent to 6,968.09 from Friday’s 7,167.35 close.
”(The) Philippines has been resilient, and just more recently started tracking decline in international markets mostly on concerns of global economic slowdown, especially amid recent forecast downgrades and indicators –United States, Europe, China and Japan,” said Nisha Alicer, head analyst at DA Market Securities Inc.
Alicer said the lingering ISIS and ebola virus threats have provided worry and uncertainty to the markets.
She said the external volatility opens a buying opportunity for investors for local growth story.
”Concerns over valuations together with the outlook for China and Eurozone economies have deflated confidence,” said Jun Calaycay of Accord Capital Equities Corp.
All counters slumped heavily, led by industrial and holding firms that lost 3 percent and 3.15 percent, respectively.
Volume of transactions reached 9.85 billion shares valued at Php8.76 billion.
Decliners dominated gainers, 174 to 26, while 26 issues were unchanged. (PNA)