Market drops as connectivity issue delays trading

MANILA, Philippines — The local stock market started the week in the negative territory, closing lower after a system connectivity issue delayed trading.

The benchmark Philippine Stock Exchange index plunged by 1.19 percent or 74.73 points to end yesterday’s session at 6,192.02.

The broader All Shares index was also in the red, falling by 0.96 percent or 35.81 points to 3,691.31.

“Shares slid once again after a late opening to trading with the index falling below the 6,200 marker anew,” Luis Limlingan of Regina Capital said.

The market opening at the Philippine Stock Exchange Inc. yesterday was delayed by a system connectivity issue. Trading started at 11:10 a.m.

In its report, Philstocks Research said yesterday’s trading was anemic with net value turnover at P3.91 billion, lower than the year-to-date average of P5.40 billion.

It said that foreigners were net sellers with net outflows at P240.83 million, contributing to the decline.

Aside from the glitch, Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the decline for the second straight trading session to market concerns over Trump’s tariff threats on April 2 that could lead to slower US economic growth and higher inflation.

All sectors were down, with services taking the biggest hit with a 2.32-percent drop.

Market breadth was negative as decliners squashed advancers, 123 to 61, while 50 issues were unchanged.

Emperador was the most actively traded stock and was also the day’s top index gainer, rising by 3.67 percent to P12.44 per share, while JG Summit lost the most, plunging by 4.57 percent to P16.72.