Election concerns start weighing on PHL shares

Share prices on the Philippine Stock Exchange ended on a soft note Wednesday, as election concerns start to weigh on investor sentiment.

"The market dropped mainly on local concerns, mainly on political jitters, as the election nears," said Lexter Azurin, head of research at Unicapital Securities Inc.

The main PSEi fell 31.39 points or 0.43 percent to close at 7,180.53. The broader All Shares dropped 20.11 points or 0.47 percent 4,301.43.

Filipinos are voting for local and national officials on May 9.

"As the election day approaches the biggest tensions are rising, basically by leading candidates.

"It's a concern of investors since it might translate to drastic changes in terms of economic policies," Azurin noted.

Most investors are expected to stay on the sidelines in the run up to the May polls. 

More than 1.485 billion shares, valued at P6.334 billion, were traded on Wednesday. Losers led winners, 142 to 60, and 36 issues were unchanged. – VDS, GMA News