FILE PHOTO: Philippine Inventory Change Index (PSEi). INQUIRER FILES
The massacre on the Philippine bourse continued Wednesday, with shares sliding into the 6,700 degree as buyers continued to digest a second Donald Trump administration alongside combined company earnings outcomes.
The benchmark Philippine Inventory Change Index (PSEi) fell by 1.41 %, or 95.78 factors, to six,714.33. The broader All Shares Index slipped by 0.73 %, or 27.88 factors, to shut at 3,792.46.
A complete of 592.15 million shares price P6.94 billion modified arms, knowledge confirmed.
READ: Asian markets prolong losses as Trump fears construct
This marks the sixth consecutive session that the PSEi has declined. The inventory barometer is now down 11.12 % from its current peak of seven,554.68 on Oct. 7, when merchants have been nonetheless excessive on information of rate of interest cuts.
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Claire Alviar, assistant supervisor for analysis at Philstocks Monetary Inc., stated buyers have been nonetheless absorbing the US election outcomes, as president-elect Trump is anticipated to implement tariff hikes that might raise rates of interest anew.
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“Native buyers have been additionally assessing third-quarter earnings efficiency,” Alviar stated. “To this point, outcomes have been combined: some sectors, like banks, are nonetheless posting spectacular progress, whereas others, reminiscent of leisure, are displaying dismal outcomes,” she added.
Among the many firms that launched earnings outcomes on Wednesday have been conglomerates Ayala Corp. (down 0.15 % to P657) and SM Investments Corp. (down 1.85 % to P900). Each firms delivered greater earnings within the first 9 months of the yr.
On line casino operator Bloomberry Resorts Corp., which reported a 58-percent decline in internet revenue, slid by 7.30 % to P6.86 per share.