PSEi dips as investors await trade talk results
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 21 Feb 2019 16:20:36 +0000
THE stock market closed slightly lower on Thursday with investors said to staying on the sidelines even as bourses elsewhere in the region were boosted by news that the United States and China could finally end a trade war.
The benchmark Philippine Stock Exchange index (PSEi) dipped by 0.10 percent or 7.94 points to finish at 7,931.30 while the broader All Shares inched up by 0.001 percent or 0.06 points to close at 4,857.
Timson Securities Inc. trader Jervin de Celis said market players were awaiting results of ongoing trade talks in Washington.
“We have to see details of the negotiation and how the trade talks will progress. Otherwise, people will speculate on numerous events surrounding the negotiation and then sentiment will likely be the driving force for the PSEi at least in the short term while we wait for the results of the deal between the two countries,” de Celis said.
Other Asian markets, however, mostly rose on reports that negotiators were working on the outline of a deal even as an agreement was unlikely to be announced this week.
Hong Kong rose 0.4 percent but Shanghai dipped 0.3 percent after fluctuating through the day.
Tokyo ended up 0.2 percent, while Sydney rose 0.7 percent, Wellington added 0.6 percent and Taipei 0.5 percent.
There were also gains in Mumbai, Bangkok and Jakarta, while Singapore was flat.
In early trade London fell 0.3 percent, while Paris added 0.1 percent and Frankfurt put on 0.4 percent.
Overnight, meanwhile, Wall Street stocks edged higher after US Federal Reserve minutes signaled that monetary authorities would remain dovish.
In Manila, the holding firms, financials, and property indices ended in the red, down by 0.33 percent, 0.32 percent, and 0.21 percent, respectively.
Volume turnover stood at 804 million shares valued at P7 billion.
Winners led losers, 106 to 90, while 56 issues remained unchanged.
WITH A REPORT FROM AFP
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