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PSEi drops nearly 1% on Wall Street decline


Tracking losses overnight on Wall Street, share prices on the Philippine Stock Exchange opened on a weak note, with analysts citing a US jobless claims report.
 
The benchmark PSEi fell 51.88 points or 0.90 percent to 5,710.65. The broader all shares index declined 22.59 points or 0.64 percent to 3,516.89. 
 
"We are affected by the decline in US markets," said Miko Sayo, equity analyst at Nieves Securities Inc. 
 
Initial claims of state unemployment benefits rose by 16,000 to 360,000, the biggest spike in jobless claims in over a year, Reuters reported. 
 
The Dow Jones Industrial Average index lost 104.10 points to 15,739.43, while the S&P500 index gave up 6.72 points to 1,775.50.
 
Sayo, however, noted the likelihood of a rebound in the Philippine equity market "as we are already in extremely oversold levels." – VS/RSJ, GMA News
Tags: phlstocks
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