PSEi back at 7,800; foreign selling tagged
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 27 Feb 2019 16:24:09 +0000
THE stock market fell back to the 7,800 level on Wednesday, with analyts pointing to heavy foreign selling and the absence of positive catalysts.
The benchmark Philippine Stock Exchange index (PSEi) plunged 1.24 percent or 99.04 points to close at 7,889.12. The broader All Shares declined by 0.96 percent or 46.75 points to finish at 4,849. 36.
P2P Trade Online sales associate Gabriel Jose Perez said net foreign selling had dragged the index down. Foreign funds bought P4.5 billion and sold P4.75 billion for a net foreign selling position of P250.66 million.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan blamed the decline on the lack of market-moving developments. He advised investors to watch if fund outflows continued for the rest of the week.
Wall Street closed lower overnight, with investors discounting dovish statements from US Federal Reserve Chairman Jerome Powell that initially lifted Asian markets on Wednesday.
News of an escalation in an India-Pakistan territorial dispute rattled traders later in the day, resulting in mixed results for the region.
Mumbai was down 0.2 percent while the rupee was down 0.3 percent. The Karachi Stock Exchange sank more than three percent.|
Shanghai ended up 0.4 percent, having plunged deep into negative territory, though Hong Kong finished slightly lower.
Tokyo, which closed before news that India had downed 2 Pakistani jets filtered through, was up 0.5 percent. Seoul added 0. 4 percent but Singapore was 0.2 percent lower.
Sydney gained 0.4 percent, Taipei was flat and Wellington was off 0.5 percent.
In early trade London, Paris and Frankfurt all fell 0.4 percent.
In Manila, sectoral results were mixed, with financials and mining and oil the sole gainers, up 0.84 percent and 0.08 percent, respectively.
Volume turnover stood at 1.96 billion shares valued at P7.4 billion.
Losers led winners, 123 to 69, while 63 issues were unchanged.
WITH A REPORT FROM AFP
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