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Stocks plunge ahead of long weekend

Business | The Stock Market

Stocks plunge ahead of long weekend

By James A. Loyola

The PSEi fell below the 7,300 level as investors cash out before the long weekend when another typhoon is expected to hit the country.

The main index index plunged by 103.26 points or 1.41 percent to close at 7,239.98 with the Property counter suffering the biggest loss. Volume rose to 566 million shares worth P6.17 billion as losers trounced gainers 147 to 55 with 41 unchanged.

“Local equities snapped their two-day winning streak as traders locked in their gains ahead of the All Souls’ Day holiday and further assessed the latest corporate earnings reports,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said "The bourse was weighed by the weakness of the local currency against the US Dollar and the rise in local treasury yields."

"Investors are also taking a cautious stance amid the uncertainties caused by the upcoming US elections. Foreign investors were net sellers for the day adding to the market’s decline," he added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco

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