MANILA, May 6 (PNA) — The local stock market tumbled anew on low volume after a strong recovery, tracking overnight decline in United States equity markets.
The barometer Philippine Stock Exchange index (PSEi) snapped a two-day advance, losing 45.57 points to 7,873.64 from previous day’s 7,919.21 close.
Online brokerage 2TradeAsia.com said the local bourse took cues from Wall Street’s sharp overnight retreat.
It said crude oil’s ascent past USD 60 per barrel also cast some cloud on sentiment, pending confirmation of gains in the U.S. economy.
“The external headwinds will continue to give its share of influence on investors’ mindsets heading into tomorrow’s (Thursday) trades, with particular emphasis on economic data out of the U.S. — mainly on the labor market — the rest of the week,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.
Almost all counters ended lower, except mining and oil that surged 1.87 percent.
Volume of transaction reached 802.70 million shares valued at PHP8.41 billion.
Decliners won advancers, 99 to 82, while 50 issues were unchanged.
The day’s top active stocks were led by SM Investment Corp., SM Prime Holdings Inc., Metropolitan Bank & Trust Company, Ayala Corporation and BDO Unibank Inc. (PNA)