Overnight Market Snapshot – August 22, 2013
Equity markets in the US have continued to slip (DJIA -0.7%, S&P 500 -0.58%, Nasdaq -0.38%) last night. Emerging market shares like the iShares MSCI Philippines ETF (-2.35%) and PLDT Adrs (-0.77%) have fallen in red as well. Note that while the Philippine stock market has been closed since Monday due to a storm and a public holiday, the EPHE or the Etf that tracks the MSCI Philippines Index and PLDT Adrs have sunk by 6.5% and 5.7%, respectively, as they were traded in the US. Given their decline for the week plus the general negative sentiment in the global markets on continued fears of a Fed tapering may place a lot of selling pressure in the local market once it resumes trading today.
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