Local markets shed on external worries

Landbank market economist Guian Dumalagan said investors continue to see the Philippines “as a riskier asset class vs. the more developed US economy.” (Shutterstock photo)

MANILA — Risk-off sentiments continue to dampen trading in the Philippines’ equities and foreign exchange markets Thursday.

The Philippine Stock Exchange index (PSEi) lost 1.

20 percent or 86.50 points to 7,134.73 points.

Landbank market economist Guian Dumalagan said investors continue to see the Philippines “as a riskier asset class vs. the more developed US economy.”

Thus, he forecasts “no end in sight for the sell down” in the PSE.

“In fact, US stocks closed mostly higher Wednesday as investors took escalating trade tensions in stride to instead focus on improving economic fundamentals,” he said.

PSEi’s negative finish for the day was tracked by all the other counters, with the All Shares down by 0.96 percent or 42.75 points to 4,411.96 points.

Holding Firms declined by 1.72 percent and was followed by Mining and Oil, 1.42 percent; Property, 1.36 percent; Services, 1.25 percent; Industrial, 0.27 percent; and Financials, 0.15 percent.

Volume reached 792.15 million shares amounting to PHP4.6 billion.

Losers continue to surpass gainers at 113 to 82 while 33 shares were unchanged.

Relatively, the peso ended the day at 54.075 from 53.99 the day before.

A trader pointed this partly to investors’ decision to bank on safe haven assets like the US dollar given the trade concerns overseas.

The peso opened the day better at 53.

91 from 54.05-start in the previous day.

It traded between its opening level and 54.1, resulting to an average of 54.016.

Volume reached USD606.1 million, lower than the USD657.7 million.