PH stocks dive on US election, forex worries

US presidential election.

“Investors are also taking a cautious stance amid the uncertainties caused by the upcoming US elections,” he said. There were only three index gainers for the day, with Century Pacific Food Inc., climbing 0.36 percent to P41.95. Globe Telecom Inc. was the worst index performer, dropping 7.33 percent to P2,100.

Concerns in the oil market have now shifted back to focus on potential oversupply in 2025 and a slowdown in demand from China, the world’s largest oil importer, according to analysts. Asian markets fluctuated with Tokyo, Hong Kong, Sydney, Seoul and Kuala Lumpur in the green, while Shanghai, Singapore, Taipei, Bangkok and Manila retreated.Japanese shares built on the previous day’s strong gains as cheaper oil and the weaker yen boosted the market despite the political uncertainty following Sunday’s general election which left the ruling coalition short of a majority.

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