US debt default jitters drag down index
MANILA, Philippines - The approaching deadline for US lawmakers to avert an unprecedented debt default has heightened the worry of stock market investors.
The Philippine Stock Exchange index snapped a six-day climb, retreating 1.19 percent or 77.11 points to 6,377.75. The broader all shares index slipped 0.80 percent or 30.97 points to 3,857.37.
“There is a realization that we are nearer the deadline of the debt ceiling. And everyone is feeling the pessimism with the continued lockdown,†Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview.
Investor sentiment was weighed down by the continued Federal government shutdown and the approaching deadline for lawmakers to increase the US debt ceiling.
The Dow Jones industrial average declined 1.07 percent or 159.71 points to 14,776.53 while the broader Standard & Poor’s 500 index eased 1.2 percent or 20.67 points to 1,655.45.
Asian stocks were mixed, with Japan’s Nikkei gaining 1.03 percent or 143.23 points to 14,037.84 while Hong Kong’s Hang Seng index falling 0.63 percent or 144.88 points to 23,033.97.
Locally, all counters were in the red, paced by the service sector that lost 1.87 percent or 38.11 points to 1,999.15.
Turnover value surged to P17.63 billion, driven by a block sale, from P5.92 billion on Tuesday. Losers outpaced gainers, 97 to 48, while 41 stocks did not change.
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