MANILA, Nov. 10 (PNA) — Local shares prices tumbled below the 7,200-mark on Monday, extending their losing streak for a second day, on lack of positive leads.
The barometer Philippine Stock Exchange index (PSEi) lost 13.60 points to 7,192.12 from previous day 7,205.72 close.
Jun Calaycay, analyst at Accord Capital Equities Corp., said the United States (US) dollar weakened as the latest jobs number raised expectations that interest rates would remain low.
”Given the rather slack backdrop, local investors trained crosshairs on corporate numbers, a couple of which are presented in the third-quarter earnings box. These, however, were not enough so much so that the PSEi dipped into negative territory by the afternoon session,” he said.
Calaycay said the value turnover was light, suggesting that a good number of investors held positions, awaiting the bulk of corporate numbers.
A total of 3.96 billion shares valued at P5.5 billion changed hands.
”Investors, growing impatient for positive spins, have opted to head to the exits pulling the index below 7,200,” he said.
All counters were in negative territory, except the services sector that rose slightly.
Decliners outpaced gainers, 92 to 76, while 47 issues unchanged. (PNA)