MANILA – Local stocks failed to sustain their recovery yesterday and retreated back to 4,900-level following Moody’s Investors’ Service’s downgrade of Spanish banks, which further made investors risk-averse vis-à-vis the on-going debt crisis in the Eurozone.
The main Philippine Stock Exchange index (PSEi) ended the day at 4,879.42 points, down 137.60 points, or 2.7427 percent after reaching 5,017.02 points.
Also, the broader all shares index lost 68.25 points or 2.0469 percent to 3,266.08 points from day-ago’s 3,334.33 points.
All the sectoral indices also ended the day at negative.
Value turn-over reached P5.92 billion after 3.7 billion shares changed hands.
Losers edged gainers at 123 to 38 while 30 were unchanged.
Accord Capital, in a report, said “over-all outlook has hardly changed” but pointed out that “risks presented by current external events may continue to dampen sentiment, keeping the near-term bias negative.”
“The market will be torn between the tug and pull of bargain-hunters and risk aversion,” it said.
Relatively, the local unit ended weaker against the dollar after shedding 33 centavos to 43.25 from Thursday’s 42.92 closing.
Its performance for the day already hinted how it will perform throughout the trading after opening at 43.07, down from the 42.95 in the previous day.
It was able to rise to 43.06 but dipped to 43.27 resulting to an average of 43.18, weaker than the 42.91 a day ago.
Volume of trade reached US$ 922.2 million, higher than the US$ 903.2 million.*PNA