Local share prices fell in the aftermath of Typhoon Carina even as sentiment was also dampened by weaker US markets.
The main index lost 82.85 points or 1.23 percent to close at 6,670.27 as Miners led the drop across the board. Volume was weak at 553 million shares worth P3.98 billion as losers swamped gainers 121 to 59 with 54 unchanged.
“Philippine shares followed the sentiment of regional equities dropping more than one percent after resuming trading following the suspension from Typhoon Carina,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Wall Street declined on Wednesday due to a sharp tech-driven sell-off following disappointing quarterly reports from major tech companies like Alphabet and Tesla.“
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market dropped as investors tracked Wall Street’s sell-off overnight amid dismal second quarter corporate results from the tech sector.”
“Also, concerns over the economic damages to the country caused by Super Typhoon Carina weighed on the bourse. Lastly, investors digested the government’s latest fiscal position data which posted a deficit of P209.10 billion,” he noted.