PH Stocks Crash on QE News

PHStocks 20/06/201318/08/2013 0 Comments 2GO, 2GO Group, ABG, AC, AGI, ALI, Alliance Global, Asiabest Group, Ayala, Ayala Land, Bank of the Philippine Islands, Bankard, BDO, BDO Unibank, BKD, BPI, Century Properties, CPG, DFNN, GMA Holdings, GMAP, Highlands Prime, HP, JOH, Jolliville, LCB, Lepanto Consolidated, Mabuhay Holdings, Makati Finance, MBT, MCP, MED, Medco Holdings, Melco Crown, Metrobank, Metropolitan Bank & Trust Company, MFIN, MHC, MJCI Investments, MJIC, PHA, Philippine Long Distance Telephone Co.PLDT, Philippine Savings Bank, Premiere Horizon, PSB, QE, quantitative easing, Seafront Resources, SM, SM Investments, SM Prime, SMIC, SMPH, SPC, SPC Power, SPM, TBGI, TEL, Transpacific Broadband, Universal Robina, URC, VITA, Vitarich

Makati—(PHStocks)—Philippine stocks took a beating Thursday, 20 June, as investors over-reacted to news about the US Fed’s plans for its ongoing quantitative easing (QE) program. The Philippine Stock Exchange (PSE) index fell by 2.86% or 186.53pts to close today’s trading at 6,326.67 – wiping its gains during the last rally.

The rest of the markets in the Asia-Pacific region likewise suffered the same fate: the Jakarta Stock Exchange Composite Index shed 3.68%; Vietnam Ho Chi Minh Stock Index, -0.77%; KOSPI, -2%; Taiwan Stock Exchange Index, -1.35%; and SETI, -2.47%. Markets in China were likewise down, with the Shenzhen Stock Exchange Composite and Shenzhen Stock Exchange Component indices dropping 3.39% and 3.25%, respectively.

Meanwhile, all counters are back in the red, led by the Mining & Oil index, which fell sharply by 3.83%. The Property sector dropped by 3.31%, while the Holding Firms segment slid by 3.19%. The wider All Shares index, meanwhile, declined by 2.55%.

Trading was moderate, however, with value turnover reaching PhP7.57 billion on 1.56 billion shares traded. There were only 28 gainers against 139 losers, while 36 stocks were flat.