Share prices resume downtrend

MANILA, Philippines - Share prices resumed their downward trend yesterday after a temporary relief on Friday. 

The benchmark Philippine Stock Exchange index (PSEi) declined 31.09 points or 0.42 percent to finish at 7,358.21, while the broader All Shares index shed 35.12 points or 0.79 percent.

Most sectors ended in negative territory, with only the holding firms and the mining and oil index benefiting from investor optimism. Of the two counters, the mining and oil soared127.38 points. 

Investors continue to look for significant positive leads but developments within and outside the country remain wanting.

2TradeAsia.com said President Durterte’s state visit to China with a 400-strong group of businessmen may boost investor optimism especially if this translates to new trade deals for the country and opportunities for Filipino-Chinese businessmen.

In the region, casino-related stocks in Hong Kong declined sharply after Chinese authorities detained employees at casino operator Crown Resorts for suspected gambling crimes.  Shares of the Australia-based Crown Resorts tumbled 13.7 percent in Australia on Monday as a result of authorities’ crackdown.

The Hong Kong’s Hang Seng Index was down 0.6 percent on Monday while the Shanghai Composite Index was up 0.1 percent.

Analysts said investors would continue to watch out for better leads here at home and in the global front.