Stocks fell Monday, after last week’s Fed-inspired rally ran out of steam and as investors weighed prospects of major oil producers agreeing to output curbs.
The Philippine Stock Exchange index, the 30-company benchmark, lost 91 points, or 1.2 percent, to close at 7,632.46, on a value turnover of P7.6 billion.
The heavier index, representing all shares, also tumbled 50 points, or 1.1 percent, to settle at 4,536.60, on a value turnover of P7.2 billion. Losers outnumbered gainers, 123 to 62, while 45 issues were unchanged.
All six counters ended in the red, while only four of the 20 most active stocks ended in the green. Food manufacturer Universal Robina Corp. bucked the downtrend with a 0.9-percent gain to close at P185, while Jollibee Foods Corp. advanced 0.8 percent to P249.
Renewable power producer Energy Development Corp. gained 0.5 percent to P6, while Metropolitan Bank & Trust Co. rose 0.1 percent to P85.25.
Meanwhile, Asian markets also traded lower, after a burst of enthusiasm last week on the back of the US central bank’s decision to keep interest rates on hold for a little longer.
The stay of execution for easy money served also to bolster the Japanese yen, knocking the stuffing out of Tokyo which ended down 1.25 percent and adding to the gloom.
A stronger yen tends to make Japanese stocks less desirable.
Uneasiness over oil was also dampening enthusiasm, ahead of a meeting of the Organization of Petroleum Exporting Countries and Russia this week.
“Oil spot prices will have a big influence on where equities markets are going to trade for the early part of the week,” said Angus Nicholson, a Melbourne-based analyst at IG Ltd.
“There are uncertainties over whether the Opec members can reach an agreement,” he told Bloomberg News.
Two years of oversupply and Opec’s failure to reach any kind of consensus on how to deal with it have left observers sceptical of any change in direction when players meet in Algeria.
Hong Kong and Shanghai were both down 0.9 percent in mid-afternoon.
Sydney closed flat, while Taiwan gave up one percent and Seoul slipped 0.3 percent.
Monday’s loss of altitude came on the back of a disappointing Friday in the US, where the Dow slid 0.7 percent and the tech-rich Nasdaq gave up 0.6 percent. Shares in Apple and Yahoo led the charge downwards. With AFP, Bloomberg