PSEi tracks US decline, falls 0.51%
THE stock market snapped a five-day winning streak on Wednesday, influenced by a decline in the US market.
The Philippine Stock Exchange index dropped by more than 1 percent during intra-day trading but last-minute buying pared the loss to 0.51 percent or 37.49 points for a 7,265.45 finish.
The wider All Shares declined by 0.61 percent or 26.70 points to finish at 4,371.64.
Regina Capital Development Corp. head of sales Luis Limlingan attributed the sell-off to an overnight decline on Wall Street, said to have been spurred by concerns over the sustainability of US growth as well as corporate earnings.
The Dow Jones, S&P 500, and Nasdaq lost 2.21 percent, 1.82 percent, and 1.70 percent, respectively, on Tuesday.
“Next is the impending tariffs that will hurt both US and China [and] the stumbling price of oil, as the US has now become self sufficient,” Limlingan added.
Timson Securities Inc. trader Jervin de Celis said market players cashed in following five days of gains.
Regional markets, meanwhile, were mixed. The Nikkei dropped 0.35 percent, Seoul decreased 0.29 percent and Jakarta fell 1.13 percent.
Shanghai on the other hand added 0.21 percent, Hong Kong rose by 0.51 percent, Singapore increased 0.38 percent and Bangkok grew 0.49 percent.
In Manila, most sectoral indices registered losses except for industrials, which gained 0.27 percent.
Volume turnover stood at 902.7 million issues valued at P7.06 billion.
Losers led winners, 127 to 64, while 48 issues remained unchanged.
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