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Stock index weakens in slow trading
Traders work at the Philippine Stock Exchange in Manila on May 7, 2012. Asian markets and the euro slumped on May 7 after voters in France and Greece voted out their ruling parties in a backlash against austerity measures aimed at battling the eurozone crisis. AFP PHOTO / Jay DIRECTO

Stock index weakens in slow trading

The local stock barometer slipped in thin trade on Wednesday, tracking regional markets that were mostly sluggish on jitters on the US treasury and Cabinet exodus as well as a partial shutdown of the US federal government.

The main-share Philippine Stock Exchange index (PSEi) shed 29.7 points, or 0.4 percent, to close at 7,450.01.

“It doesn’t look like we’ll be getting a late Christmas gift from the index, so much more with US markets being relentless with their declines,” local stockbrokerage Papa Securities said in a research note.

The Dow Jones industrial average has fallen by around 1,000 points, or 4.7 percent, in the last two trading sessions.

“More importantly for the PSEi, note how the 4.7-percent drop compares to the 1.8-percent distance from last Friday’s close to its initial support at 7,350. A safe bet should be that the index retests this level soon from the aforementioned negativity,” the brokerage said.