Geopolitical conflict sends stocks lower !-- -- Iris Gonzales (The Philippine Star) - January 7, 2020 - 12:00am MANILA, Philippines Local share prices slid along with their regional counterparts amid the lingering geopolitical tensions resulting from the US airstrike in Baghdad that killed Iran's top general last week. The benchmark Philippine Stock Exchange index declined by 41.92 points, or 0.

53 percent, to finish at 7,797.87 while the broader All Shares gauge went down by 22.21 points, or 0.47 percent, to end at 4,633.33. Most indexes were down except for the mining and oil sector.

However, total value turnover was thin at P4.1 billion. Market breadth was negative with 114 losers against 80 gainers, while 45 issues were left unchanged.

Japhet Louise Tantiangco, senior research analyst at Philstocks Financials, said despite the uncertainties facing the market, there are a lot of positive indicators moving forward. These include robust company earnings and sound economic growth, and inflation which is likely to remain stable.

Because of the strong company earnings, Philstocks sees the PSEi reaching 8,700 to 8,800 this year. "With oil and gold higher on geopolitical risk and the US manufacturing weakest in a decade, it's no surprise that the Philippine shares slid along with other regional markets.

Gold and oil spiked following news of ballistic missiles hitting the largest US military base Ain Al-Assad in Iraq in retaliation over the killing of Iran's top military man. President Trump warned of further attacks on 52 Iranian sites if provoked further," Luis Limlingan of Regina Capital said.

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© Pakistan Press International, source Asianet-Pakistan