PSEi drops to 7,900 ahead of trade talks, corporate earnings
Credit to Author: The Manila Times| Date: Wed, 13 Feb 2019 05:14:02 +0000
THE stock market fell back to the 7,900 level at intra-day trading on Wednesday as investors stayed on the sidelines ahead of the new round of trade talks.
At noon, the bellwether Philippine Stock Exchange index dropped by 1.20 percent or 96.21 points to 7,913.71. The wider All Shares declined by 1.03 percent or 50.15 points to 4,808.26.
Regina Capital Development Corp. head of sales Luis Limlingan said market players were waiting for updates on the US-China trade talks, with the main event scheduled in Beijing on Thursday and Friday.
Piper Chaucer Tan, research associate at Philstocks Financial Inc., echoed the view, adding that profit-taking helped drag down PSEi while investors repositioned portfolios ahead of more corporate earnings.
All sectoral results were in the red with the drop led by holding firms by 1.20 percent. ANGELICA BALLESTEROS
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