MANILA, July 6 (PNA) — Local equities on Monday closed to its lowest in three weeks along with other Asian markets, after Greek voters rejected a bailout package proposed by its European creditors.
The bellwether Philippine Stock Exchange index (PSEi) retreated 80.15 points or 1.06 percent to 7,455.15 from Friday’s 7,535.30 finish.
It was the local bourse’s weakest close since closing at 7,384.27 last June 10.
Astro del Castillo, managing director at First Grade Finance Inc., said the Greek debt crisis continues to impact markets around the world.
On the local front, del Castillo said the index retreated on lack of market-moving news.
”(But we are) confident that in the long term, the market will bounce back. Good news coming from the economic side can reverse poor sentiment,” he said in an interview, citing the favorable performance of the PSE-listed companies.
All counters slumped significantly, led by mining and oil that lost 2.19 percent.
The volume turnover was thin reaching 519.54 million valued at Php5.84 billion.
Decliners swamped advancers, 131 to 31, while 42 issues were unchanged.
Prices of the day’s top active stocks declined, led by Metropolitan Bank & Trust Company, Universal Robina Corp., SM Investments Corp., Philippine Long Distance Telephone Company and Ayala Land Inc. (PNA)