PH mining, oil industry dwindle as local markets challenged over global events

The local mining and oil industry plunged alongside other Philippine business sectors as uncertainties overseas influenced the outcomes of the global market.

A 1.37 percent drop was recorded in equity trading for the mining and oil industries, second only to the property sector with 1.76 percent. Other sectors such as financials had 0.92 percent; both holding firms and services lost 0.90 percent; and industrial dropped by 0.45 percent.

In total, the broader All Shares declined by 0.81 percent, or 37.80 points, to 4,634.17 points leaving the Philippine Stock Exchange index to close at 7,702.12 points on January 8, 1.10 percent or 85.54 points lower than its previous position.

Contributing on these outcomes is the ongoing trade war between the US and China which, according to reports, had seen an optimistic development as Chinese officials attended negotiation meetings in Washington to resolve long-standing trade disagreements between the two countries.

The said trade war, as well as the current US government shutdown which is now on its 20th day, has created distress in global markets.

In Europe, the parliamentary vote regarding Prime Minister Theresa May’s Brexit plan from the European Union is set on January 15 keeping investors waiting for result and its future effect in business.

In total, shares of the Philippine market reached 1.2 billion shares, amounting to P 6.03 billion.