PSEi still at 5,900 amid mixed data

Mixed economic data overseas and the lack of strong local catalysts slightly dragged share prices on Wednesday.

The benchmark Philippine Stock Exchange index (PSEi) shed 0.37 percent or 22.11 points to end at 5,931.33 while the wider All Shares slipped by 0.12 percent or 4.36 points to
close at 3,544.24.

Philstocks Financial Inc. research analyst Claire Alviar blamed the mixed data and absence of catalysts for the decline, noting that “there’s still no strong fresh leads in the local bourse right now [while] most economic data and news [have been] mostly priced in already by investors.”

She said value turnover remained weak at P4.89 billion, below the year-to-date average of P6.57 billion.

“Consumer confidence in the US has dropped to a more-than-six-year low while having progress with US-China trade negotiations,” Alviar said, referring to news that top American and Chinese trade negotiators spoke on the phone on Tuesday and agreed to “push forward” their phase one economic deal signed in January despite lingering tensions on other fronts.

AAA Equities Head of Research Christopher Mangun said the bourse closed lower as
“investors unloaded shares in large-cap blue chip issues [and] [g]ains in several blue chips failed to lift the whole index.”

Wall Street mostly improved overnight, with the S&P 500 and Nasdaq climbing by 0.36 percent and 0.76 percent, respectively. The Dow Jones declined by 0.21 percent.

Asian markets were mixed. Tokyo shed 0.03 percent, Shanghai was down 1.3 percent, Singapore lost 0.71 percent and Ho Chi Minh declined by 0.07 percent. Hong Kong inched up by 0.02 percent, Seoul gained 0.11 percent, Jakarta added 0.03 percent and Bangkok improved by 0.29 percent.

In Manila, most sectors closed in the red, with property losing the most at 1.33 percent.
Mining and oil and holding firms added 0.46 percent and 0.28 percent, respectively.
Total volume turnover was at 1.22 billion shares, valued at P4.91 billion.

Gainers outpaced winners, 101 to 89, while 51 securities were unchanged.

WITH A REPORT FROM AFP

Source: TheManila Times