MANILA, Philippines - Share prices dipped yesterday as the market remained sluggish, taking the cue from weaker Asian stocks and the somber mood at Wall Street, which in turn were affected by geopolitical uncertainties including UK’s surprise election.
The benchmark Philippine Stock Exchange index (PSEi) lost 66 points, or 0.87 percent, to close at 7,522.98 while the broader All Shares index shed 34.77 points, or 0.76 percent, to end at 4,502.07.
The rest of the counters closed in the red except for the financials index which managed to gain by just 0.81 percent to close at 1,874.23.
Total value turnover reached P5.56 billion as decliners outnumbered advancing stocks, 125 to 67 while 46 issues were left unchanged.
John Padilla, investment management group head at Metrobank Trust Banking Group said in a television interview that earnings have not been “spectacular over the last few weeks.”
Yesterday’s news of British Prime Minister Theresa May’s surprise decision to hold early elections also caused uncertainties in some markets yesterday.
May has called for an early general election in June, in contrast to her earlier stance, in hopes of securing a stronger parliamentary mandate for Britain’s formal exit from the European Union.