MANILA, Philippines — Local stocks took a heavy beating yesterday, weighed down by prevailing global trade uncertainties.
The bellwether Philippine Stock Exchange index plunged by 1.04 percent or 65.50 points to settle at 6,252.73, extending its losing streak to six days.
The broader All Shares index also finished in negative territory, shedding 1.05 percent or 39.68 percent to close at 3,736.91.
“The local market dropped further as investors continued to deal with global trade uncertainties as the US’ Aug. 1 negotiations deadline looms,” Philstocks Financial research manager Japhet Tantiangco said.
Tantiangco said that investors also digested the outcome of the Federal Reserve’s latest policy meeting wherein rates were kept unchanged and no definite outlook was given.
Trading was active with total value turnover rising to P7.85 billion from P4.66 billion on Wednesday.
All sectors were in the red, with mining and oil losing the most with a 3.01-percent drop.
Decliners battered advancers, 134 to 61, while 56 issues did not change hands.
Staying as the top traded stock was DigiPlus, which plummeted by 29.90 percent to P25.20 per share.
Among index members, Puregold posted the highest jump, climbing by 2.56 percent to P40, while GT Capital Holdings was the worst performer, sliding by 5.29 percent to P599.50.
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