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Geopolitical risks push PSEi down

June 15, 2019

GEOPOLITICAL concerns sparked selloffs among investors on Friday, dragging the stock market back to the 7,900 level.

The benchmark Philippine Stock Exhange index (PSEi) dropped by 0.76 percent or 61.56 points to close at 7,990.20, while the broader All Shares declined by 0.59 percent or 29.21 points to finish at 4,884.91.

Regina Capital Development Corp. head of sales Luis Limlingan said market players disposed of positions after hearing news that Iran allegedly attacked two oil tankers in the Gulf of Oman. The news sent West Texas Intermediate surging by 4 percent during the day.

Brokerage firm Philstocks Financial Inc. echoed the view, saying the PSEi closed without any strong catalyst.

In the United States, Wall Street’s main indices all finished up overnight, while most regional markets bucked the rally, still reeling from this week’s violent protests in Hong Kong over government plans for a law allowing extraditions to China that observers warn could erode its attractiveness to businesses.

Also, trading floors have been uneasy for weeks since US President Donald Trump’s shock decision to hit China with higher tariffs despite expectations the two sides were close to a deal to end their long-running standoff.

Shanghai fell 0.99 percent, Hong Kong dropped 0.80 percent, Seoul slipped 0.37 percent, Jakarta declined by 0.43 percent, Singapore dipped 0.19 percent and Bangkok lost 0.28 percent. Only Tokyo rose 0.40 percent.

Back in Manila, most sectoral results finished lower, except for financials and mining and oil which grew by 0.44 percent and 0.74 percent, respectively.

More than 920 million issues valued at P7.7 billion changed hands.

Losers led winners, 112 to 74, while 54 issues remained unchanged.

ANGELICA BALLESTEROS WITH A REPORT FROM AFP

Credit belongs to : www.manilatimes.net

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