Stocks tumble on Wall St, Asia leads

Share prices nosedived yesterday, erasing previous gains after another weak finish on Wall St on concerns about the US tax reform deal.

The benchmark Philippine Stock Exchange index (PSEi) lost 103.46 points, or 1.22 per- cent, to finish at 8,330.02 while the broader All Shares index loses 37.24 points or 0.75 percent.

Most counters ended in the red except for the industrial index.

Traders said market investors would continue to keep a close watch on catalysts at home such as any major announcements from the ongoing ASEAN Summit and bilateral meetings.

Investors would also be keeping a close watch on the country’s third quarter economic report.

“Investors are waiting for any important announcements that may result from the ASEAN Summit. All investors will also be focusing on Philippines third quarter GDP, which is scheduled to be released on Nov.16,” Luis Limlingan, managing director at Regina Capital, said.

Meanwhile, Asian shares stepped back in cautious trade yesterday as investors look to see whether US Republicans can hammer out a tax reform deal quickly, while the British pound fell on growing doubts over Prime Minister Theresa May’s leadership.