Local bourse falls by 82 pts post deluge

The Philippine Stock Exchange resumed trading on Thursday after suspending due to ravages on capital Manila from the combined effects of the Southwest monsoon, or habagat, enhanced by typhoon “Carina.”

The local bourse dropped by 82.85 points, or 1.23 percent, to close at 6,670.27.

All sectoral indices declined, with Mining and Oil losing the most at 3.79 percent, followed by Property down by 1.98 percent, and services by 1.39 percent.

The local shares followed the sentiment of regional equities dropping more than 1 percent after resuming trading, according to Luis Limlingan, head of sales at Regina Capital Development Corp.

He added that oil stocks rebounded on Wednesday, ending a three-day losing streak as stockpiles decreased.

Fuel use up

“Gasoline demand increased, and wildfires in Canada heightened the risk of supply disruptions,” Limlimngan said in a Viber message.

Moreover, the market's Thursday performance was attributed to Wall Street's overnight sell-off following quarterly reports from major tech companies like Alphabet and Tesla.

Meanwhile, Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said the economic damages to the country caused by “Carina” affected the local market.

He added, “Investors digested the government’s latest fiscal position data, which posted a deficit of P209.10 billion.”

Net value turnover reached P3.74 billion, lower than the year-to-date average of P4.94 billion.

One hundred twenty-one decliners outweighed 59 advancers, while 54 names remained unchanged.

The peso closed at P58.43 from a dollar.