US Gov’t Shutdown Fears Grip PH Stocks

Manila—(PHStocks)—Philippine stocks opened the trading week on negative note amid fears of a likely U.S. government shutdown due to budget impasse.

The benchmark Philippine Stock Exchange index (PSEi) plunged by 2.95% or 188 points to close at 6,191.8 today, 30 September, as investors exit the market in light of uncertainties in the U.S. market. Sell-off was heavy, with value turnover reaching PhP36.38 billion on volume of billion.

All counters were down except for the one index that braved the onslaught of market pessimism: the Services index, which increased by 0.27%. Leading the losers, meanwhile, was the Property sector, which crashed by 4.82%, followed by the Holding Firms segment, which plummeted by 3.61%.

PSE-30-9-13There were 35 gainers today against 109 losers, while 37 stocks were flat. Today’s most active stocks in terms of value include Alliance Global Group Inc. (AGI, PhP23.50, -6%), Manila Electric Company (MER, PhP286.00, 4.38%), Philippine Long Distance Telephone Co. (TEL, PhP2,978.00, 1.22%), SM Investments Corp. (SM, PhP780.00, -4.41%), Metropolitan Bank & Trust Company (MBT, PhP83.00, -6.21%), Universal Robina Corp. (URC, PhP123.00, -2.77%), Ayala Corp. (AC, PhP604.50, -1.39%), Ayala Land Inc. (ALI, PhP27.25, -5.38%), BDO Unibank Inc. (BDO, PhP75.00, -4.46%), and SM Prime Holdings Inc. (SMPH, PhP16.02, -6.97%).

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