PHL stocks fall on global concerns

By on May 13, 2014

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ShutterStock image

MANILA (PNA) –- Local share prices fell on Monday after closing to their 11-month high over concerns overseas.

The barometer Philippine stock exchange index (PSEi) lost 35.92 points to 6,811.34 from Friday’s 6,847.26.

The local market joined the downtrends in other Asian markets as investors balanced the risks arising from developments in Ukraine and rising unrest in Thailand.

”The bane of unfolding events overseas was just too much for short-term investors sitting on gains. While this does not change the overall domestic picture on which we have hinged our 2014 outlook, the realities of investor sentiment being swayed could not be disregarded,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.

The PSEi rose to its 11-month high on Friday after the Philippines received a one-notch credit rating upgrade from Standard & Poor’s Ratings Services.

The country also gained credit rating upgrades from Moody’s Investor Service and Fitch Ratings last year.

In Monday’s trading, almost all counters were in the negative territory, led by the 1.39-percent slump in services sector.

Only the industrial and services counters rose moderately.

Volume of transactions reached 1.14 billion shares valued at P8.02 billion.

Advancers slightly edged decliners, 89 to 86, while 46 issues were unchanged.