MANILA – The local stock market went down for the fourth consecutive time on Wednesday because of political jitters over Greece.
The Philippine Stock Exchange index (PSEi) lost by 0.12 percent or 8.79 points and closed at 7,175.08. During the intra-day trade, it even went down to a low 7,133,69.
The score was brought down by the holding firm, services, mining/oil and property counters, while financial and industry index firmed up a bit.
Turnover stands at P8.7 billion with 64 advancers, 109 decliners, and 52 unchanged stocks.
Aside from the political uncertainties in Greece, the stocks were also gravely affected by the after-effects of Typhoon Ruby.
“We continue to monitor damage assessment in the aftermath of the storm. If damage is minimal versus expectation, then it would lead to a hopeful market sentiment and consequently, bargain-hunting,” said local stock brokerage DA Market Securities.
AGI lost by 2,42 percent, while both URC and DMCI lost 1 percent. Other companies that lost include PLDT, ALI, JG Summit, SMIC, Megaworld, and Bloomberry.
Meanwhile, EDC gained by 1.73 percent. SM Prime, AC, GTCapital, Jollibee, and Metrobank also survived the day’s tradings.
“The PSEi fell through the resilient support at 7,200 and indicates a retest of next supports at 7,130 and 7,000 as RSI crosses below 50 (neutral) and as MAC/D (moving average convergence-divergence) shows a bearish crossover,” DA Market said.
It added, “Along with selling pressure before and after the storm Ruby and as previously noted, possible discounted market placements and thinning holiday volumes can lead to opportunistic volatilities.”