US election jitters pull down PSEi

Anxiety over the upcoming US elections dragged the bourse below the 7,200 level on Thursday, with investors shedding stocks before the long weekend.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) dipped by 1.89 percent, or 137.28 points, to 7,142.96.

Likewise, the broader All Shares Index shed 0.99 percent, or 39.37 points, to close at 3,957.21.

Value turnover was tepid at P4.97 billion, or below the year-to-date average of P5.17 billion, according to Philstocks Financial Inc.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi retreated further into the red territory due to jitters over the US presidential elections next week.

At the same time, investors also took a cautious stance ahead of the long weekend, Philstocks senior analyst Japhet Tantiangco said.

Banks saw the steepest loss at 2.71 percent as index heavyweights BDO Unibank Inc. and Metropolitan Bank and Trust Co. (Metrobank) both shed more than 4 percent.

International Container Terminal Services Inc. was the most actively traded stock as it slipped by 4.58 percent to P396 per share.

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It was followed by BDO, down 4.50 percent to P152.80; Ayala Land Inc., down 2.68 percent to P32.70; PLDT Inc., down 2.19 percent to P1,430; and Metrobank, down 4.34 percent to P76.

Other actively traded stocks were SM Prime Holdings Inc., up 2 percent to P30.65; Bank of the Philippine Islands, down 1.58 percent to P143.20; SM Investments Corp., down 2.23 percent to P941; Ayala Corp., down 2.40 percent to P690; and GT Capital Holdings Inc., up 2.71 percent to P720 each.

Gainers outnumbered losers, 97 to 88, while 56 companies closed unchanged, stock exchange data showed.