By Arra B. Francia, Reporter
THE MAIN INDEX snapped its five-day winning streak on Tuesday, tracking the equity sell-off seen across international and regional markets triggered by various geopolitical concerns, including tensions between the United States and Saudi Arabia
The bellwether Philippine Stock Exchange index (PSEi) dropped 0.53% or 38.54 points to close at 7,197.62 yesterday. The broader all-shares index likewise shed 0.33% or 14.89 points to 4,383.84.
“The market corrected due to the global sell-off on geopolitical concerns, like the straining relationship between US and Saudi due to the death of the Washington post journalist. Also, the continued concern on the US tariff trade war,” Diversified Securities, Inc. trader Aniceto K. Pangan said in a phone interview yesterday.
Overnight, the Dow Jones Industrial Average lost 126.93 points or 0.5% to 25,317.41. The S&P 500 index dipped 0.43% or 11.90 points to 2,755.88, and the Nasdaq Composite index added 0.26% or 19.60 points to 7,468.63.
“Philippine shares tracked the US market after four sessions of bargain hunting turned investors into profit takers, given there were no significant economic data nor earnings released,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Most Asian markets also edged lower on Tuesday, as investor sentiment was weighed down by the US trade war with China, alongside the former’s rising tensions with Saudi Arabia.
Mr. Pangan noted that the Philippines managed to temper its losses to less than one percent due to the earnings report of SM Prime Holdings, Inc. (SMPH) released on Monday. The Sy-led property developer said net income jumped 17% to P23.44 billion in the first three quarters of the year, after revenues gained 15% to P74.56 billion
“Market had a less than one percent correction on better earnings release by SMPH together with continued increase in energy sales by Meralco after nine-month period indicative of strong GDP (gross domestic product) after third quarter,” Mr. Pangan said.
Four sectoral indices slipped to negative territory, led by property which gave up 1.65% or 59.54 points to 3,542.53. Services retreated 1.2% or 17.93 points to 1,474.04; industrials slumped 0.83% or 90.37 points to 10,773.98; while financials shed 0.5% or 8.30 points to 1,632.23.
In contrast, the mining and oil counter went up 0.43% or 41.56 points to 9,547.01 and holding firms gained 0.34% or 24.07 points to 6,993.40.
Turnover improved to P5.14 billion after some 650.03 million issues switched hands, higher than Monday’s P4.45 billion.
Market breadth was negative as 120 decliners beat 74 advancers, while 40 names remained unchanged. Net foreign selling persisted, rising to P102.84 million from the previous session’s P82.88-million net outflow.

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