MANILA -- Risk-off sentiments resulted in the negative close of the Philippine Stock Exchange index (PSEi) and the peso on Wednesday after their recent rally as investors digested latest economic data from the US.
After a two-day rally, the main equities index fell 2.32 percent, or 190.80 points, to 8,025.88 points.
All Shares declined by 1.70 percent, or 83.01 points, to 4,804.36 points.
Property posted the highest drop at 3.63 percent, which was followed by the Holding Firms, 2.35 percent; Financials, 1.46 percent; Industrial, 1.14 percent; Services, 0.50 percent; and Mining and Oil, 0.30 percent.
Volume was thin at 595.8 million shares amounting to PHP5.9 billion.
Losers led gainers at 109 to 74, while 49 shares were unchanged.
Regina Capital Managing Director Luis Limlingan attributed the weakness in PSEi to profit-taking “as investors assessed fresh economic data, earnings, the release of GDP (gross domestic product), tomorrow and new developments between the US and China on trade.”
He said markets in Asia ended the day’s trade “mixed as investors await updates on a potential US-China trade tariff rollback and monitor economic developments.”
Trade issues between the US and China also continue to worry markets as Chinese officials urged for the elimination of tariff that US want to slap on Chinese products starting December 15, 2019.
The local currency ended the day at 50.61, weaker than the 50.41 finish Tuesday.
It opened the day flat at 50.55, and traded between 50.7 and 50.45.
Average trading level for the day stood at 50.56, sideways from the previous day’s 50.543.
Volume totaled to USD1.11 billion, lower than the USD1.19 billion in the previous session. (PNA)
