PSEi loses 194.75 points as global selloff unnerves markets | Inquirer Business
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PSEi loses 194.75 points as global selloff unnerves markets

/ 05:03 AM February 06, 2018

A global equities bloodbath spilled over to the local stock market on Monday, as the stronger-than-expected US jobs data spawned concerns that the US Federal Reserve (Fed) might turn more hawkish to curb a resurgence in inflation.

The main-share Philippine Stock Exchange index (PSEi) lost 194.75 points or 2.21 percent to close at 8,616, marking its worst single-day performance in two years.

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Only last week, the local stock barometer broke into new highs past 9,000.

Across the globe, stock markets tumbled as last Friday’s US payrolls report showed wages growing more than expected and at their fastest pace in more than 8.5 years, fueling inflation fears.

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On Friday, the Dow Jones Industrial Index lost 665.75 points or 2.54 percent while the future markets suggested that the rout isn’t over.

This Thursday during its first monetary policy setting for the year, the Bangko Sentral ng Pilipinas (BSP) is seen to keep its key interest rates unchanged but investors are also bracing for a shift to a hawkish tone as a prelude to a rate hike in March.

At the local market Monday, all counters ended lower but the worst hit was the interest rate-sensitive property counter, which fell by 3.14 percent.

The industrial, holding firm and mining/oil counters all tumbled by over 2 percent while the services counter fell by 1.21 percent.

Total value turnover for the day amounted to P8.51 billion. There were 170 decliners that overwhelmed 33 advancers; 38 stocks were unchanged.

Investors dumped shares of Metro Pacific, which fell by 5.11 percent, while property giant SM Prime and fast-food giant Jollibee both slid by over 4 percent.

URC and its parent conglomerate JG Summit slipped by over 3 percent along with Ty family-led GT Capital.

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Ayala Land, SM Investments, Security Bank, Megaworld and Meralco all declined by over 2 percent.

BPI bucked the day’s downturn after announcing robust fourth quarter results.

Outside the PSEi, there was active trading on TBGI—one of those that could benefit from a third telco courtship—as its share price rose by 3.33 percent.

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TAGS: Business, Philippine Stock Exchange index (PSEi), PSEi
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