MANILA: The possible impacts of Super Typhoon Carina and the southwest monsoon to the economy dampened investors’ confidence, pulling down the local index in Thursday’s trading.
The Philippine Stock Exchange index (PSEi) dropped 1.23 percent, or 82.85 points, to 6,670.27, with All Shares index also decreasing by 0.87 percent, or 31.67 points, to 3,606.81.
Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the local index likewise tracked Wall Street’s sell-off overnight.
‘Also, concerns over the economic damage to the country caused by Super Typhoon Carina weighed on the bourse. Lastly, investors digested the government’s latest fiscal position data which posted a deficit of PHP209.1 billion,’ Plopenio added.
All sectoral indices closed trading in the negative territory, with biggest shedding from Mining and Oil counter at 3.79 percent.
Decliners outnumbered advancers at 121 to 59, with 54 left unchanged.
Meanwhile, peso-dollar trading has yet to resume since its suspension
on Wednesday.
Source: Philippines News agency
