RP stock market down 1.5% in Thursday opening

The Philippine Stock Exchange index was almost two percent down when it opened on Thursday, tracking overseas markets' downtrend despite the euphoria following the inauguration of the country's 15th president on Wednesday. As of 9:48 am, the PSEi was 51.32 points or 1.52 percent down as the Dow Jones Industrial Average finished 96.28 points down last night. Asian markets have also tracked the downward movement. All six subindices opened in the red, with financial stocks losing as much as 1.9 percent or 14.56 points. Service stocks posted the least loss so far at 1.12 percent or 16.48 points. While investors remain optimistic of President Benigno Aquino III's government, the local market has succumbed to growing concerns of a weaker global economy, analyst Astro del Castillo told GMANews.TV. Del Castillo pointed out that investors are waiting for Aquino's fiscal policies to address the growing budget deficit and boost the country's revenues. He also noted that Aquino faces the challenge of addressing looming power shortages in the country--the same that plagued the administration of Aquino's mother, the late President Corazon Aquino--as this could paralyze manufacture and jack up prices of basic commodities. -- Nikka Corsino, GMANews.TV