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Stocks, peso down on eurozone worries

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Profit-taking ruled the local bourse Monday resulting in a negative trading performance as investors became risk-aversed due to the bungled talks on how to put up the new Greek government as well as fears for more signs of China’s soft landing.

The Philippine Stock Exchange index (PSEi) went down by 74.52 points, or 1.4447 percent, to 5,083.62 points from the 5,158.14 points last Friday.

Also, the all shares index lost 60.74 points or 1.7837 percent to 3,344.48 points over the previous trading day’s 3,405.22 points.

All the sectoral indices also ended the day on the red.

Value turnover reached P5.82 billion after 4.73 billion shares changed hands.

Losers edged advancers at 152 to 32 while 25 stocks were unchanged.

Accord Capital, in a report, said the euro zone will still play a major role on how stock markets around the globe will trade in the coming days primarily due to the impact of political developments in Greece.”

However, the report cited that “the domestic front has given a fair balance to external shocks.”

“We remain on track to hitting our targets and this should augur well for company fundamentals as the year progresses,” it said citing a 5,150 points support level for the PSEi and the possible re-entry to the 5,200 points level.

“That said, we do not discount short term gyrations to create some jitters as the trading cycle shifts from corporate earnings to corporate stories opening doors for short-term trading opportunities,” it said.

Relatively, the peso shed P0.135 after ending the day at 42.705 to a dollar from last Friday’s 42.57 close.

It started the day at 42.55, which is its strongest for the day, and went down to 42.71 resulting an average of 42.62.

Volume of trade amounted to US$ 697.49 million, lower than the US$ 1.1 billion at the end of last week.

by: PNA




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