Lingering banking sector shivers keep mart down
Investors are worried that ‘the current issues in the banking sector may further worsen or other sectors may get affected negatively by these’
After a slight recovery on Wednesday, the benchmark Philippine Stock Exchange index fell anew on Thursday due to continued negative sentiments regarding the banking industry.
Shares at the main index went down by 61.19 points to 6,404.91 — 0.95 percent lower than the previous day’s close.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said investors are worried that “the current issues in the banking sector may further worsen or other sectors may get affected negatively by these.”
“Credit Suisse’s plan to borrow funds to shore up its liquidity added to the banking fears in the region,” she added.
Despite the decline, net market value turnover yesterday was notably strong at P5.97 billion.
The market also managed to stay above the 6,400 level. Alviar noted that the current resistance is pegged at 6,600.
All sector indices were in the red with the Banks leading the losers, which dropped 1.70 percent. It was followed by Industrials, which lost 1.31 percent.
Among index members, only four stocks closed in the green — Ayala Corporation emerged at the top after it gained 2.13 percent. Meanwhile, Converge ICT Solutions Inc. was at the bottom after shares declined 5.87 percent.
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