Shares fell on Wednesday, March 14, as the lack of catalysts in the local front alongside tensions in the United States’ political scene continued to put a pressure on regional markets.

The 30-member Philippine Stock Exchange index gave up 0.84% or 70.83 points to 8,348.74, while the broader all-shares index also dropped 0.62% or 31.31 points to 5,035.85.

“There’s still a lack of fresh leads and the political turmoil in the US is not helping matters in the region’s market including ours. The prospect of the US imposing hefty tariffs on imports from China is also causing concerns that other countries’ exports to the US may be affected,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said via text.

US President Donald J. Trump caused jitters abroad after firing his Secretary of State, Rex W. Tillerson, which analysts see as a move that will transform the country’s economic and foreign policy.

Four sectoral indices moved to negative territory, with services suffering the largest decline at 1,833.27, lower by 1.74% or 30.66 points. Holding firms followed with a drop of 0.93% or 78.15 points to 8,360.37; financials edged 0.84% or 18.44 points lower to 2,170.76; while property declined 0.53% or 20.13 points to 3,759.91.

On the other hand, the mining and oil sector gained 0.81% or 91.09 points to 11,395.77, while industrial added 0.06% or 6.71 points to 11,590.59.

A total of 6.59 billion issues switched hands, valued at P7.48 billion, higher than the P6.56-billion turnover on Tuesday.

Decliners trumped advancers, 122 to 99, while 40 stocks remained unchanged.

Foreign investors maintained their selling position, with net foreign outflows swelling to P1.43 billion on Wednesday, against net sales of P480.83 million in the previous session.

“For now, support remains at 8,300. If this is pierced, the next support level can be found at 8,150,” PNB Securities’ Mr. Lisbona said. — Arra B. Francia

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