Shares took another dive on Thursday, June 28, quickly reversing gains in the previous session as trade tensions pulled down most markets overseas.
The benchmark Philippine Stock Exchange index plunged 1.53% or 109.86 points to 7,066. The broader all shares index also lost 1.28% or 56.07 points to 4,323.23.
“It looks like yesterday’s 169-point gain wasn’t enough of a push as investors took profits today instead…Value turnover was weaker than yesterday at only P5.8 billion as some may be looking forward to the aforementioned window dressing tomorrow,” Papa Securities Corp. Trader Gabriel Perez said in an email.
The local index also tracked the lower finished seen abroad as developments in the trade war between the United States and China continued to affect markets.
“Trade tensions took center stage locally and regionally along with US stocks reversing earlier gain despite oil surging,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Four sectoral indices moved to negative territory, led by the property sub-index that gave up 2.54% or 89.80 points to 3,444.08, followed by holding firms which dipped 2.05% or 145 points to 6,937.59. Industrial slumped 1.36% or 140.92 points to 10,254.44, while services declined 0.39% or 5.36 points to 1,371.74.
Meanwhile, mining and oil went up 0.1% or 9.84 points to 9,631.53, while financials added 0.06% or 1.04 points to 1,772.24.
Some 623.63 million issues switched hands, resulting to a turnover of P5.79 billion, lower than Wednesday’s P6.5-billion turnover.
Foreign investors were net sellers for the second day, dumping a net of P362.06 million worth of funds, higher than the P235.14 million net sales generated in the previous session. — Arra B. Francia

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