Stocks pull back ahead of Q3 growth results
The benchmark Philippine Stock Exchange index plunged 106.20 points, or 0.126 percent, to finish at 8,273.44 while the broader All Shares gauge lost 49.76 points, or 1.01 percent, to finish at 4,864.15. File
MANILA, Philippines — The stock market pulled back yesterday ahead of the release of the third quarter economic results.
The benchmark Philippine Stock Exchange index (PSEi) plunged 106.20 points, or 0.126 percent, to finish at 8,273.44 while the broader All Shares gauge lost 49.76 points, or 1.01 percent, to finish at 4,864.15.
All counters closed in the red, with the mining and oil index posting the biggest decline at 2.11 percent.
Total value turnover was likewise thin, hitting only P5.91 billion and market breadth was negative, 109 to 76 while 53 issues were left unchanged.
According to Aaron Say, consultant for market education at First Metro Securities, the market has already corrected but it may decline further if the country’s third quarter economic performance comes in below 6.5 percent.
Say said the PSEi may fall below the 8,100 mark if the latest economic report turns sour. “It can go to 8,100 first but if the economy turns sour after that, we can look at lower trading levels,” Say said.
Corporate earnings results, meanwhile, have turned out to be within expectations or slightly better than expectations.
The market would now be looking at third quarter results, which would impact on the overall economic performance of the country this year.
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