Shares fell on Tuesday, April 24, continuing a downward trajectory as the region provided no fresh leads for investors to turn to.
The bellwether Philippine Stock Exchange index plunged 1.54% or 119.11 points to 7,600.36 Tuesday, while the broader all-shares index also lost 1.27% or 59.32 points to 4,617.77.
“Philippine markets continued to sell down as investors continued to stay on the sidelines without any catalysts from regional market,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
PCCI Securities Brokers Corp. Research Head Joseph James F. Lago noted that this is a continuation of the market’s correction mode that has been in place since Jan. 30.
“Rising global yields, particularly that of US Treasuries, have been the main culprit coupled with the domestic inflation that will certainly be at the 4+% range for the whole year given the short-term impact of the TRAIN (Tax Reform for Acceleration and Inclusion) law and the continued rise of crude prices,” Mr. Lago said in an email.
The PCCI Securities analyst noted that there may be an impact on both the country’s economic growth and corporate profits with higher domestic rates.
All sectoral counters remained in negative territory, with property leading the decline with a 2.03% drop or 72.85 points to 3,514.84. Mining and oil dipped 1.8% or 189.59 points to 3,514.84, followed by industrial which dropped 1.79% or 197.71 points to 10,878.89.
Financials fell by 1.44% or 28.75 points to 1,964.57; holding firms slipped by 1.19% or 91.10 points to 7,540.83; while services gave up 0.72% or 11.30 points to 1,552.84.
Some 2.3 billion issues switched hands, valued at P6.05 billion, lower than Monday’s P5.48 billion.
Declining stocks prevailed for the day at 143 versus 68 that gained and 40 that remained flat.
Foreign investors were net sellers for the fourth consecutive day as they dumped a net of P175.32-million funds, although lower than the P308.2 million in net sales on Monday. — Arra B. Francia

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