MANILA, May 7 (PNA) — Local share prices retreated along with other Asian markets after Federal Reserve Chair Janet Yellen warned of the risks from “quite high” stock prices but are not in a bubble.
The benchmark Philippine Stock Exchange index (PSEi) extended its losing streak to a second day, declining 57.37 points to 7,816.27 Thursday from previous day’s 7,873.64 close.
Stock brokerage RCBC Securities Inc. said the overnight declines on Wall Street pulled down the market.
U.S. markets also declined as European Union borrowing rates reached year high and as the dollar weakened.
Online brokerage 2TradeAsia.com said market players adopted a “wait-and-see” stance to determine if potential follow-through sell offs would continue.
It added that trends at the foreign exchange market were also highlighted, especially on sequels to Greece’s ability to meet its deadline with creditors.
Counters were mixed, with share prices of property and mining and oil companies ending slightly higher.
The market’s decline was led by services sector that lost 1.39 percent.
Value turnover reached PHP13.09 billion with 2.07 billion shares changing hands.
Decliners swamped advancers, 126 to 58, while 47 issues were unchanged.
The day’s top losers were led by Keppel Philippine Holdings Inc., Bogo Medellin Milling Co, Philippine H2O Ventures Corp., Grand Plaza Hotel Corp. and PTFR Redevelopment Corp. (PNA)