PSEi down anew due to oil price upticks, quake fears

By Joann Villanueva/Philippine News Agency

MANILA – The Philippine Stock Exchange index (PSEi) declined for the second day in a row Tuesday as investors await the release of latest damage reports from the 6.1 magnitude quake that hit Castillejos, Zambales and other parts of Luzon past 5pm Monday.

PSEi contracted by 0.17 percent, or 13.50 points, to 7,818.93 points.

On the other hand, there was no trading of foreign exchange or debt papers after Malacanang suspended work in government offices in a bid to ease traffic as the country’s workforce recover from quake jitters, which in turn caused the Bangko Sentral ng Pilipinas (BSP) to suspend Treasury operations.

BPI Research, in a report, traced the main index’s performance to rise on global oil prices after West Texas Intermediate (WTI) increased to six-month high of USD66 per barrel due to supply concerns.

Also, Regina Capital Managing Director Luis Limlingan said investors have taken a cautious stance until the full extent of earthquake damages become clear.

“Value turn-over remained thin and sentiment cautious just as US stocks posted a muted performance on Monday as the busiest week of the corporate earnings season kicked-off,” he added

All Shares, on the other hand, rose 0.09 percent, or 4.36 points, to 4,839.04 points.

Most of the sectors weakened during the day namely the Services, which went down 0.84 percent; Holding Firms, 0.49 percent; Industrial, 0.37 percent; and Mining and Oil, 0.32 percent.

Meanwhile, Property improved by 0.85 percent.

Volume was thin at 569.4 million shares amounting to PHP6.6 billion.

Losers led gainers at 120 to 72 while 47 shares were unchanged.

For the latest updates about this story, visit the Philippine News Agency website

Popular

Impeachment Trial Day 3: Prosecution’s witness Calilung holds his ground in cross-examination of Duterte’s defense

By Dean Aubrey Caratiquet and Brian Campued The House prosecution panel on Tuesday, July 7, presented its first witness, National Bureau of Investigation (NBI) Senior...

PBBM leads nationwide rollout of School-Based Feeding Program

By Dean Aubrey Caratiquet With concerted efforts from the Department of Education (DepEd) and the Department of Agriculture (DA), President Ferdinand R. Marcos Jr. led...

Palace urges VP Sara anew to face impeachment trial

By Brian Campued Malacañang on Tuesday stressed anew that Vice President Sara Duterte should personally attend her trial to prove her innocence against the charges...

PBBM congratulates Alex Eala on historic Wimbledon victory

By Jose Rafael Cesar C. Atencio President Ferdinand R. Marcos Jr. on Sunday congratulated Filipina tennis sensation Alex Eala for her landmark triumph in the...