Absence of new leads drags down index

MANILA, Philippines - Local share prices retreated yesterday with the benchmark index falling below the 7,200 level in the aftermath of Typhoon Ruby.

The Philippine Stock Exchange gave up 0.65 percent or 46.69 points to settle at 7,183.87, while the broader All Shares index slipped 0.58 percent or 24.44 points at 4,225.56.

“Some reassessed the effects of Typhoon Hagupit on the economy while waiting for new leads,” said Jason Escartin, investment analyst at F. Yap Securities Inc.

Likewise, Escartin said sentiment glided with Wall Street’s sell-off  “as players digest the overall impact of declining crude futures prices.”

All major indexes in Wall Street closed in the negative territory overnight,  with the Dow losing 106.31 points and the Nasdaq shedding off 40.06 points.

Locally, the story was all Typhoon Ruby, who put several places across the country under storm alert.

Most counters in the local bourse were in the red except for holding firms which managed to post a modest gain of 0.13 percent or 8.31 points.

Property firms together with financial companies saw the biggest drop yesterday, losing 1.44 percent and 1.27 percent, respectively.

Market breadth was negative as decliners hammered advancers, 104 to 71, while 46 stocks were unchanged. Value turnover stood at P10 billion.