Philippine Market Recap Aug 13, 2018
Market Recap
The main index was dragged lower as a combination of concerns about the domestic economy and global worries weighed on Philippine shares.
The bellwether PSEi tumbled 169.71 points or 2.17% to 7,635.27 at the closing bell. The broader All Shares fell by 82.16 points or 1.74% to 4,632.53.
The market remains cautious about the economic numbers that came out last week.
Philippine equities may trek lower as investors asses last week’s inflation and economic growth figures.
Regional markets were also expected to trade lower.
Asian stock prices sank as Turkey’s financial turmoil fueled fears contagion might spread to other emerging markets.
The market is bearing the weight of political and economic concerns.
There have been worries about Turkish President Tayyip Erdogan’s increasing control over the economy, and its deteriorating relations with the United States.
Trump’s tariffs and sanctions attack on Turkey sent global markets rattling.
Investors are uneasy over whether Turkey’s government can cope with a plunging currency, a diplomatic spat with Washington and other problems. President Erdogan has accumulated more and more control over Turkey’s financial system and central bank. U.S. President Donald Trump said Friday he will authorize higher tariffs on Turkish steel and aluminum.
Turkey’s financial crisis has taken center stage, displacing trade wars as the immediate concern. Worries are building that “this may lead to contagion” across emerging markets. The crisis is not seen to be resolved without external support, but an International Monetary Fund support package will be difficult given Turkey’s current political situation.
More than 1.442-bil shares valued at P5.168-bil, changed hands. Market breadth was negative, with decliners leading advancers, 140 to 58, and 39 issues were unchanged.
Gainers: JFC (+1.12%), LTG (+1.04%), EDC (+0.14%)
Laggards: JGS (-6.84%), DMC (-3.72%), MER (-3.48%), SMPH (-3.38%), AC (-3.20%)
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STOPGreat blog once again thank you keep them coming