PSEi down on profit taking
Credit to Author: The Manila Times| Date: Mon, 18 Nov 2019 16:16:42 +0000
Investors sold off their positions on Monday as they await the next move of the United States and China regarding their trade negotiations.
The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.66 percent or 52.02 points to close at 7,880.94 while the wider All Shares slid 0.66 percent or 31.55 points to finish at 4,720.26.
“The local market declined as investors book profits while waiting for further developments on the US-China negotiations,” Philstocks Financial Inc. said in a market comment.
US President Donald Trump’s economic adviser Larry Kudlow said the first part of a wider pact was on track, while Commerce Secretary Wilbur Ross said that there would be a deal “in all likelihood.”
China said Vice Premier Liu He had spoken to US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, and had “constructive discussion on each side’s core concerns regarding the phase-one agreement.”
It added the two sides will “continue to maintain close communication.”
Meanwhile, brokerage firm 2TradeAsia said that PSEi fell “below 7,900 on thin volume and thin foreign buying at P100 million.”
Wall Street was up. Dow Jones, S&P 500 and Nasdaq grew by 0.80 percent, 0.77 percent and 0.73 percent, respectively.
In Asia, Tokyo was up 0.49 percent, Shanghai climbed 0.62 percent, Hong Kong surged 1.35 percent, Singapore added 0.47 percent, and Thailand gained 0.46 percent.
Seoul declined 0.07 percent, Jakarta slid 0.45 percent, and Vietnam lost 0.70 percent.
In Manila, all sectors ended in bloodbath, with mining and oil taking the biggest hit at 2.20 percent.
Volume turnover stood at 430.55 shares amounting to P4.32 billion.
Losers led winners, 128-52, while 51 issues were unchanged.
TYRONE C. PIAD WITH A REPORT FROM AFP