Local, Asian shares tumble
Local shares started the shortened trading week lower yesterday in line with losses in the other markets in the region. The Philippine Stock Exchange index (PSEi) lost 11.95 points, or 0.17 percent to close at 7,086.86 while the wider AllShares index went down by 11.59 points, or 0.29 percent to 4,044.49. It was a mixed result for the sectors too after three of them went down, while the other managed to post a few gains. Total value turnover stood at 10.29 billion. Advancers were y outnumbered by decliners, 63 to 110, while 42 issues unchanged.
Meanwhile, Asian stocks sank Tuesday after more data showed weakness in China’s economy, while gold and the yen advanced amid a search for safer assets, sending Tokyo tumbling almost four percent.
Traders are also watching the release Friday of a US jobs report, which could play a key role in the Federal Reserve’s decision whether to raise interest rates this month, adding to market uncertainty.
There are fears a rate rise would further jolt confidence in the global economy, which has already been rocked by the rout in Chinese stock markets.
Tokyo dived 3.84 percent to 18,165.69, with a stronger yen hitting exporters. Sydney fell 2.12 percent to 5,096.4 and Seoul gave up 1.40 percent to close at 1,914.23. In Hong Kong the benchmark Hang Seng Index fell 2.24 percent, or 485.15 points, to close at 21185.43.