Stocks fall on weaker US markets

The local stock market fell in line with its downward trend as US bourses were also weaker overnight.
The main index lost 101.73 percent or 1.50 percent to close at 6,699.23 as the Property sector led all indices in the retreat. Volume rose to 1.34 billion shares worth P4.93 billion as losers swept gainers 134 to 45 with 43 unchanged.
“Local equities plummeted, breaking the 6,700 stronghold, due to the lack of positive catalyst that could prompt the market upwards,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “In the US, the major exchanges dropped as well as higher rates continued to pressure the market sentiment, and the recent retail earnings raised concern about the status of the consumers.”
Philstocks Financial Assistant Research Manager Claire Alviar said “This Wednesday, the local bourse plunged following the negative sentiment in the US overnight as investors await the minutes of the meeting of the Federal Reserve.”
She noted that, “Investors were worried over the possible continuation of interest rate hike of the Fed as well as the Bangko Sentral ng Pilipinas which may slowdown the growth of most industries.”