MANILA — It is not true that the “Brexit” will have no effect on the country as apologists project it to be.
The local stock market tumbled anew on Tuesday, as investors pocketed gains after last week’s British exit, ‘Brexit,’ vote continued to agitate the global financial markets.
The Philippine Stock Exchange index (PSEi) lost 49.21 points to 7,666.69 from previous day’s 7,715.90 finish.
Investors took some money off the table as global financial markets remained jittery post-Brexit referendum and looked forward to gold as the secure investment in the world market.
All sector counters declined moderately, led by the Industrials after First Gen, Emperador and Petron took the most hit among the index stocks.
A total of 1.03 billion shares valued at P5.14 billion changed hands. Decliners outpaced advancers, 94 to 82, while 57 issues unchanged.
After the landmark UK referendum decision to breakaway from the European Union, at least five more European countries are considering to follow Britain’s lead including France, the Netherlands, Austria, Finland and Hungary.
Meanwhle, Department of Tourism assistant secretary Rolando Cañizal expressed that while Brexit might not affect inbound tourism, it might make it more difficult for Filpinos to travel to UK and other European countries. The official cautioned, though, that it is too early to tell.
Read more here: No economy is an island, so will PH get hit by BREXIT?
With British nationals directly hit, a diminished UK tourist wlll venture outside for vacations.
Data from the UN World Tourism Organization (UNWTO) showed that in 2015, Europe is the region with the most tourist arrivals at 609-million constituting for 51 percent of total arrivals.
Asia and the Pacific acquired 278-million tourist arrivals (23 percent), Americans with 191-million tourist arrivals (16 percent), Africa with 53-million (5 percent) and Middle East with 54-million (5 percent).
- EU Brexit agitates global, PH financial outlook