Foreign selling tagged as PSEI falls
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 19 Feb 2019 16:29:49 +0000
THE stock market fell to a month low on Tuesday on account of foreign selling and investors were also said to have repositioned portfolios ahead of the resumption of US-China trade talks.
The benchmark Philippine Stock Exchange index (PSEi) declined by 0.97 percent or 76.83 points to close at 7,833.75, a level last seen on January 16 when the market finished at 7,864.70. The wider All Shares was down by 0.80 percent or 38.71 points to finish at 4,802.89.
P2P Trade Online sales associate Gabriel Jose Perez said heavy foreign selling dragged the index down.
Foreign funds bought P3.87 billion worth of shares and sold P4.16 billion for a net foreign selling position of P289 million.
Regina Capital Development Corp. head of sales Luis Limlingan, meanwhile, said market players were in wait-and-see mode ahead of the resumption of crucial US-China trade talks in Washington.
Overnight, Wall Street’s main indices opened the week in a positive note with all indices in the green.
Regional markets, on the other hand, were mixed on Tuesday. Tokyo inched up by 0.10 percent and Shanghai eked out 0.05 percent but Hong Kong dropped 0.42 percent.
In Manila, all sectoral results were in the red with the property index down the most by 1.57 percent.
Volume turnover stood at 2.8 billion shares valued at P8.1 billion.
Losers led winners, 132 to 84, while 39 issues were unchanged.
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