PHL stocks retreat anew

By Leslie D. Venzon

MANILA, July 27 (PNA) — Local share prices retreated anew on Monday, tracking overseas developments amid President Benigno S. Aquino III’s last State-of-the-Nation Address (SONA).

The barometer Philippine Stock Exchange index (PSEi) declined 118.08 points, or 1.54 percent, to 7,547.44 from Friday’s 7,665.52 finish.

“More evidence of a weak Chinese economy, the sustained fall in global commodity prices and more hints by (Chair) Janet Yellen of the US (United States) Fed that a tweak in September is imminent has posed challenges to the markets,” said Jun Calaycay of Accord Capital Equities Corp.

Calaycay said Tuesday’s trading might begin to show investors’ assessment of the President’s SONA, which was delivered after the market closed.

Wall Street ended sharply lower on concerns over global economic growth.

All counters declined significantly, led by share prices of property sector that lost 2.91 percent.

Volume of transactions reached 4.49 billion shares valued at Php5.52 billion.

Decliners led advancers, 123 to 44, while 41 issues were unchanged. (PNA)