Bourse ends week flat; investors on sidelines
Credit to Author: Tyrone Jasper C. Piad| Date: Fri, 22 Nov 2019 16:16:22 +0000
THE stock market finished the week flat as investors remained on the sidelines and watched developments in the ongoing trade war between the United States and China.
The benchmark Philippine Stock Exchange index (PSEi) gained 0.07 percent or 5.70 points to close at 7,824.59, while the wider All Shares added 0.18 percent or 8.28 points to end at 4,679.04.
“Shares traded flat as investors weighed potentially positive news about the US-China trade talks against concerns over possible repercussions should US President Donald Trump sign legislation expressing support for protesters in Hong Kong,” Regina Capital Development Corp. head of sales Luis Limlingan said.
On Friday, President Xi Jinping said China wanted to hammer out a deal but was “not afraid” to fight back when necessary. He told former US officials and other foreign dignitaries at a meeting in Beijing that he wanted to “work for a phase-one agreement on the basis of mutual respect and equality.”
However, investors were nervous that the deal could collapse at any time after US lawmakers passed a bill supporting the rights of Hong Kong residents, making Beijing angry.
Philstocks Financial Inc. agreed, saying “US-China trade worries” extended on Friday.
Wall Street plunged again, with the Dow Jones, S&P 500 and Nasdaq slipping by 0.20 percent, 0.16 percent and 0.24 percent, respectively.
Asian markets were mostly up. Tokyo rose by 0.32 percent, Hong Kong climbed by 0.26 percent, Seoul added 0.26 percent, Singapore shot up by 0.66 percent and Thailand gained 0.28 percent. In contrast, Shanghai declined by 0.63 percent, Jakarta lost 0.13 percent and Vietnam slid by 1.70 percent.
In Manila, all sectors ended in the green, except for financials and property, which slipped by 0.33 percent and 0.05 percent, respectively.
Volume turnover stood at 384.17 million shares amounting to P5.49 billion.
Winners outmatched losers, 90-88, while 58 issues did not change hands.
WITH A REPORT FROM AFP