PLDT, global growth anxiety weigh on PHL shares

Share prices on the Philippine Stock Exchange fell below the 8,000 level on the benchmark index Wednesday, extending a losing streak for the second consecutive day.

Investors continued to pocket gains, pressured by the poor earnings results of PLDT Inc. and a resurging global growth anxiety.

The PSEi shed 149.34 points or 1.86 percent to 7,888.44 at the closing bell. The broader All Shares declined by 70.04 points or 1.47 percent to 4,691.13.

"Profit-taking extended today following PLDT's first half income report. Investors took it as an excuse to capitalize on their gains from the rally," said Jonathan Ravelas, chief market strategist at BDO Unibank Inc.

On Tuesday, the main index was down 0.40 percent to close at 8,037.78 due to the financial results of PLDT. 

"The break below the 7,960 levels could signal a much larger correction towards 7,500/7,800 levels in the near-term. This correction if it continues is a good opportunity for investors to reenter the market," Ravelas noted.
 
Jonathan Latuja, research analyst at Unicapital Securities Inc., noted the global growth anxiety resurfaced after the US posted a weaker-than-expected economic output in the second quarter.

"Also, sell-down of PLDT shares due to disappointing earnings... contributed to the PSEi's drop today," Latuja added.

More than 2.071 billion shares, valued at P13.553 billion, changed hands. Decliners led advancers, 163 to 37, and 41 issues were unchanged. — VDS, GMA News