The local equities market breached the historical 7,000 level for the first time yesterday on expectations of strong 1Q13 corporate earnings and speculations of a further SDA rate cut this coming Thursday, during the Monetary Board meeting.
The PSEi rallied 163.38 points, or +2.35%, to close at 7,120.48, its 27th all-time high for the year. Almost all sectoral indices ended higher led by holding firms (+3.71%), financials (+2.83%) and property (+2.61%), except for services (-0.36%) which ended lower.
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US equities finished Monday much lower, posting the worst one-day drop for the year, as investors sold off following China disappointing GDP data. Major averages were also dragged lower after two explosions occurred at the Boston Marathon finish line, causing property damage and injuring several runners and spectators.
The Dow Jones Industrial Average index plunged 265.86 points to 14,599.20 while the S&P500 index tumbled 36.49 points to 1,552.36.
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The local equities market dropped as investors took profits from the all-time high last week. Yesterday, the PSEi lost 53.66 points, or -0.78%, to close at 6,837.77. All sectoral indices ended lower, led by Mining and oil (-2.13%), Services (-1.27%) and Property (-0.99%).
Market breadth was negative with declines outpacing advances 97 to 65 with 41 stocks unchanged. Value turnover reached Php8.87 billion. Foreign investors were net buyers at Php0.89 billion.
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