PSEi flat on foreign selling
Credit to Author: Tyrone Jasper C. Piad| Date: Wed, 18 Dec 2019 14:00:45 +0000
The stock market ended flat on Wednesday on heavy foreign outflows as investors redirected purchases to Wall Street.
The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.04 percent or 3.22 points to close at 7,744.67, while the wider All Shares climbed by 0.11 percent or 4.93 points to finish at 4,587.99.
Net foreign selling reached P1.06 billion. Foreign buying of P4.26 billion was surpassed by foreign selling of P5.31 billion.
“Investors kept buying into the US stock market, which traded around record levels again as investors were bolstered by good economic data,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The Federal Reserve reported that US manufacturing production rose by 1.1 percent in November from the month-earlier 0.7 percent. Industrial output also increased at the same pace.
This as doubts over the US-China trade deal continued to linger, Limlingan added.
The mood across trading floors remains upbeat following last week’s long-awaited partial agreement that will see US tariffs lowered, and observers said that, while details of the pact remain thin, the year looks set to end on a positive note.
“The PSEi is barely staying above the 7,700 support level as foreign investors continue to exit our market. We may see it continue lower toward the end of the week,” AAA Equities head of research Christopher Mangun said.
On Wall Street, the Dow Jones, S&P 500 and Nasdaq added 0.11 percent, 0.03 percent and 0.10 percent, respectively.
Asian markets were mixed. Jakarta rose by 0.33 percent, Singapore increased by 0.33 percent and Thailand gained by 0.97 percent. But Tokyo dipped by 0.55 percent, Shanghai fell by 0.18 percent, Hong Kong declined by 0.12 percent, Seoul slid by 0.04 percent and Vietnam dropped by 0.39 percent.
In Manila, all sectors were up except for mining and oil, which fell by 0.22 percent.
Nearly 1.5 billion shares were traded for P7.64 billion.
Advancers led decliners, 93-91, while 59 issues were unchanged. WITH A REPORT FROM AFP