PSEi retreats on global uncertainty

By Leslie D. Venzon

MANILA, Sept. 23 (PNA) — Local share prices retreated to the 6,900 level on Wednesday, tracking regional markets, as investors worried over external uncertainties.

The barometer Philippine Stock Exchange index (PSEi) lost 124.32 points or 1.76 percent to 6,926.91 from previous day’s 7,051.23 finish.

“The PSEi erased two-thirds of the previous week’s gains trapped in the cycle of pessimism that have engulfed global markets since the rout in Chinese equities and the recent US (United States) Fed’s decision to keep rates at near-zero levels despite encouraging domestic economic data. Markets across Asia have also dug a hole,” said Jun Calaycay of PhilStocks Financials Inc.

Calaycay said the prospects of another government shutdown in the US, though still not making the headlines, may be keeping investors at bay as well.

At home, all counters lost significantly, led by services at 2.65 percent.

The market ended lower on thin volume reaching 879.66 million shares valued at Php7.62 billion.

Decliners swamped advancers, 119 to 54, with 37 issues unchanged. (PNA)