Traders turned anxious on Wednesday as Republican Donald Trump seemed to be profitable a second time period as US president, pushing the Philippine Inventory Trade index (PSEi) into purple territory.
The benchmark PSEi dropped by 1.27 % or 92.52 factors to settle at 7,165.42 whereas the broader All-Shares index slid by 0.59 % or 23.54 factors to shut at 3,969.97.
“The benchmark index fell as buyers reacted to US elections pointing to a big victory for Donald J. Trump and the Republican Occasion,” stated China Financial institution Capital Corp. managing director Juan Paulo Colet.
“Overseas buyers turned web sellers by greater than P1 billion and plenty of market contributors turned cautious within the face of hypothesis on the financial coverage impression of a second Trump administration on rising markets just like the Philippines,” Colet added.
READ: LIVE UPDATES: 2024 US presidential election
Beforehand, veteran analyst and Reyes Tacandong & Co. senior adviser Jonathan Ravelas informed the Inquirer {that a} Trump presidency would possibly push rates of interest up given his inclination towards mountaineering import tariffs, which may additionally warmth up shopper costs.
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All sub-sectors have been within the purple. The property and companies indices fell the deepest, recording a decline of two.94 % and 1.93 %, respectively.
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Over 1.33 billion shares valued at P4.58 billion have been traded. Losers led gainers, 105-83, whereas 49 points didn’t change.
Essentially the most actively traded shares have been that of Worldwide Container Terminal Companies Inc., dropping by 3.37 % to P395.20.
This was adopted by BDO Unibank Inc., down 3.85 % to P150; SM Prime Holdings Inc., down 3.4 % to P29.80; Ayala Land Inc., down 4.35 % to P33; SM Investments Corp., flat at P962; and Financial institution of the Philippine Islands, up 0.21 % to P143.80.
Different energetic names have been Metropolitan Financial institution & Belief Co., up 1.04 % to P77.80; Aboitiz Fairness Ventures, up 1.13 % to P35.80; DigiPlus Interactive Corp., down 1.65 % to P20.90; and JG Summit Holdings, flat at P24.
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