Stocks tumble, finish week with losses

MANILA, Philippines — The stock market snapped its brief two-day winning streak as it returned in the loss column on renewed concerns over escalating tensions in the Middle East.

The Philippine Stock Exchange ended the week in the red as it plunged by 1.23 percent or 80.19 points to close at 6,443.00.

The broader All Shares index likewise finished lower at 3,421.55, down by 1.01 percent or 34.77 points.

Luis Limlingan of Regina Capital said Philippine sentiment turned sour yesterday, losing early morning gains as geopolitical tensions escalated between Israel and Iran.

“The local bourse dropped as tensions in the Middle East heightened following Israel’s attack against Iran. This resulted in negative sentiment, forcing investors to sell some shares ahead of the weekend to avoid any uncertainties,” Claire Alviar of Philstocks Financial said.

Net market value turnover thinned at P4.83 billion.

Mining and oil was the sole sector in the positive territory, rising by 1.15 percent.

The rest were in the red, led by property, which plummeted by 2.55 percent, followed by industrial, which lost 1.55 percent.

Market breadth was negative as decliners pummeled decliners, 134 to 58, while 43 issues were unchanged.

Alviar said only five stocks among the index members were able to post gain during the session.

Emperador gained the most at 1.61 percent, while DMCI Holdings posted the biggest drop of 8.2 percent following its ex-dividend date.