BAKIT BUMABA? Mining, oil sector lead declining indices as PH stock plunges

The Philippine Stock Exchange index (PSEi) started April with most sectors’ indices in red as growth economic concerns are fueled by the lack of fresh positive leads and global issues caused it to drop.

Stocks plunged 80.62 points, or 1.01 percent, ending at 7,840.31 points.

Most sectors ended with indices pointing down with the mining and oil sector on the lead with 3.33 percent decline.

Financial index followed with 1.87 percent decline, services with 1.74 percent, property with 0.82 percent, and holding firms with 0.57 percent.

Only the industry sector was saved from the collective decline as it gained 0.08 percent.

“The lack of fresh positive leads amid local economic growth concerns and global uncertainties fueled the profit taking in yesterday’s session. Industrials managed to survive the sell-off with 0.08 gains. Miners led the decliners, plunging 3.33 percent,” Philstocks Financials were quoted saying in an article by PhilStar.com.

Meanwhile, All Shares index mirrored the downward trend of the PSEi and most sectors after it lost 40.04 points or 0.82 percent finishing the day with 4,84.13.

The total value turnover, on the other hand, was recorded at P 5.52 billion where advancers were left behind, 120 to 65, with 55 issues unchanged.