PHL shares slip on Wall Street losses

Share prices on the Philippine Stock Exchange on Tuesday dropped on the heels of losses overnight on Wall Street in the absence of a strong market-lifting catalyst on the domestic front.

The main PSEi fell by 44.20 points or 0.65 percent at 6,781.20 by the closing bell. The broader All Shares dropped 26.45 points or 0.64 percent at 4,120.47.

“The market’s still trending down. It’s still a downtrend, since the US corrected last night. We got affected by the sentiment on Wall Street,” Miko A. Sayo, trader at Angping & Associates Securities Inc., said in a phone interview.

US stocks were weighed down by financial and consumer discretionary stocks as investors cashed in on gains. The Dow Jones industrial average fell 0.34 percent, the S&P 5000 was down 0.35 percent, and the Nasdaq Composite index was down 0.27 percent as of 10:47 a.m., a report by Reuters said.

“There was also continued foreign selling,” Sayo noted.

Stock exchange data showed total foreign buying at P8.178 billion, while foreign selling reached P9.567 billion for a net foreign selling of P1.378 billion.

More than 1.274 billion shares, valued at P12.388 billion, changed hands. Losers led winners, 120 to 58, and 49 issues were unchanged. — VDS, GMA News