PSEi slides anew ahead of rebalancing
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 27 May 2019 16:18:18 +0000
THE stock market declined for the third consecutive day on Monday as investors stayed on the sidelines ahead of the MSCI index rebalancing and waited for further developments on the escalating trade war between Beijing and Washington.
The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.29 percent or 22.08 points to close at 7,725.01, while the wider All Shares lost 0.34 percent or 16.42 points to finish at 4,765.43.
P2P Trade Online sales associate Gabriel Jose Perez said market players were on wait-and-see mode ahead of the MSCI rebalancing, which will take effect on June 3.
MSCI stands for Morgan Stanley Capital International, the first global market indexes established in 1968. Its index is a measurement of stock-market performance in a particular area.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said investors sold off positions on worries that the ongoing trade tensions between the United States and China was hurting economic growth.
Asian markets opened the trading week mixed, as Tokyo grew by 0.31 percent, Shanghai rose 1.38 percent, Jakarta increased 0.87 percent and Bangkok added 0.52 percent.
In contrast, Hong Kong dropped 0.14 percent, Seoul dipped 0.05 percent, and Singapore slipped 0.12 percent.
Wall Street’s three main indices all finished in the green last Friday.
In Manila, sectoral results were mixed, with holding firms, mining and oil, and property indices the only gainers, up by 0.16 percent, 0.57 percent, and 0.007 percent, respectively.
More than 706 million issues were traded valued at P5.53 billion.
Losers led winners, 99 to 83, while 56 issues remained unchanged.
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