Index tumbles on Wall St losses, lack of fresh leads

MANILA, Philippines - The local stock market went back to negative territory once more amid losses on Wall Street, thin trading volume in recent days and lack of fresh leads.

The benchmark Philippine Stock Exchange index (PSEi) retreated 2.46 points, or 0.03 percent, to settle at  7,255.39. 

The broader All Shares index, however, managed to gain 40.80 points, or 0.95 percent, to end at 4,329.41.

As expected, most counters closed in negative territory led by the industrial, services, mining and oil and property sectors, while the holding and financials sectors managed to post gains.

Value turnover was thin at P5.24 billion as decliners outnumbered advancers, 97 to 84 while 51 stocks were left unchanged.

Asian shares slid from a 5 1/2-month high  yesterday on disappointing earnings from US blue chip companies, but Japanese shares surged after a media report about a possible Bank of Japan policy change weakened the yen.

Japan’s Nikkei erased earlier losses to end the day up 1.2 percent, reaching an 11-1/2 week high and extending the week’s gains to 4.3 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.8 percent, a day after it hit its highest level since early November. With that decline, gains for the week shrink to 0.4 percent.