PSEi pushed out of bull territory anew
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 26 Jul 2019 16:19:27 +0000
PHILIPPINE shares fell out of the bull territory for the second time this week, with the local market mirroring a decline on Wall Street.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 1 percent or 82.38 points to close at 8,189.80. The wider All Shares, meanwhile, declined by 0.77 percent or 38.24 points to finish at 4,955.60.
Regina Capital Development Corp. head of sales Luis Limlingan said market players reacted negatively to the not-so-dovish stand of the US Federal Reserve in its monetary policy announcement on account of strong economic data.
The US central bank’s Federal Open Market Committee will convene on July 30 and 31, where a quarter-point rate cut is expected.
Wall Street’s three main indices were all in the red, with the Dow Jones dropping 0.47 percent, the S&P500 decreasing 0.53 percent, and the Nasdaq declining by 1 percent.
In Asia, only Shanghai finished firmer, up 0.24 percent. Tokyo dropped 0.45 percent, Hong Kong declined 0.58 percent, Seoul decreased 0.40 percent, Jakarta fell 1.19 percent, Singapore was down 0.86 percent and Bangkok shed 0.63 percent.
In Manila, sectoral results were mostly lower except for the industrial index, up 0.53 percent.
More than 1.2 billion issues were traded, valued at P5.6 billion.
Winners led losers, 91 to 90, while 58 issues remained unchanged.
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