Philippine market tumbles

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MANILA, Philippines—Local stocks tumbled on Friday, reversing the recovery in the morning session, as investors were spooked by the large trading loss reported by the largest American bank JP Morgan Chase.

The main-share Philippine Stock Exchange index (PSEi) shed 33.9 points, or 0.65 percent, to finish at 5,158.14.

Joseph Roxas, president of Eagle Equities, said the market was expecting a bloodbath on Wall Street in the next session in reaction to the $2-billion trading loss from a failed hedging strategy. He said this was announced late in the previous US trading session and had yet to be digested by the markets.

The PSEi thus slipped back below 5,200 in afternoon trading as US futures indices turned sour.

At the same time, concerns on weak economic data in China and lingering uncertainties in the euro zone also dampened trading sentiment across the region.

The hardest hit counters were the financial, property and mining/oil counters, which respectively slid by 1.22 percent, 1.89 percent and 3.02 percent.

Value turnover for the day amounted to P6.07 billion. There were only 52 advancers which were edged out by 130 decliners while 26 stocks were unchanged.

AGI, PLDT, Metrobank, SM Prime, DMCI, MPI, AP, Megaworld and JG Summit weighed down the main index. The non-index stocks that ended in the red in heavy volume were Bloomberry, Security Bank and Philodrill.

On the other hand, the index stocks that bucked the downturn were SMIC, URC, ICTSI, EDC, AEV and AC. Union Bank also gained in heavy volume.

Meanwhile, Rockwell Land, which listed by way of introduction on Friday, saw its shares surging by 235.6 percent to P4.90 per share. The Lopez-led property developer listed all of its 6.23 billion shares at P1.46 per share.

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  • Banana Na

    ang daming speculative stock sa PSE, manipulation pa ng mga local at foreign manager…hee kagaya ng BLOOM, wala pa silang kinikita ay ang daming bumibili sa stock nila last few weeks, tapos, babagsak din pala, ang daming maiipit dito      baka babagsak pa siya in the near furures…

  • Mario_Garcia

    Only greedy people invest in the stock market.  Smart ones invest in PEOPLE.

  • Mario_Garcia

    See what I mean, after the euphoria about the foreign investments in our PSE some are bound to cry.  The foreigners will run after they hit us, its called HIT AND RUN.

  • M0WF0W

    wew break even nanaman ako :(

  • redkinoko

    Sold of my positions earlier, some of them at a loss, but offset by my earnings earlier this quarter. Given the current runup of the stock market, a pretty violent correction has always been just a matter of time. In any case, I’ll be standing at the sidelines with cash in hand to look for bargains and bounces in the coming week. Happy trading to everybody else. 

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