PSEi dips on concerns over growth, trade talks
Credit to Author: The Manila Times| Date: Mon, 11 Feb 2019 16:16:15 +0000
THE stock market retreated on Monday as market players were said to be cautious about slower global growth and the outcome of US-China trade talks scheduled later this week.
The bellwether Philippine Stock Exchange index (PSEi) dipped by 0.12 percent or 9.35 points to close at 8,061.54 while the broader All Shares slipped 0.08 percent or 3.84 points to finish at 4,892.48.
Eagle Equities Inc. research head Christopher Mangun said sentiment was dampened by worries over the US-China trade talks with a March 1 deadline looming for an agreement to be reached.
Markets elsewhere in the region were more optimistic ahead of the start of negotiations in Beijing this Thursday.
Shanghai, reopening after a weeklong break, rose 1.4 percent while Hong Kong rose 0.7 percent as Asian tech stocks tracked a small positive lead on the Nasdaq Friday.
Seoul edged up 0.2 percent, but Sydney shed 0.2 percent. Jakarta and Singapore also posted losses.
Tokyo was closed for a holiday.
“The main index may continue to trade sideways because of the minimal trading in blue chips. In the mean time, look for second-liners with upside potential and take advantage of price movement for short-term gains,” Mangun said.
In a separate comment, P2P Trade Online sales associate Gabriel Jose Perez advised investors to watch out for how US markets perform.
“With a lack of catalyst in the near term for PSEi, the 8,100-8,200 level should continue to be tough to beat,” he added.
Sectoral results were mixed, with the holding firms and property indices the only gainers, up 1.12 percent and 0.86 percent, respectively.
Volume turnover stood at 3.36 billion issues valued at P 6 billion.
Losers led winners, 108 to 105, while 36 issues were unchanged.
WITH A REPORT FROM AFP
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