PSEi bucks regional uptrend
The benchmark Philippine Stock Exchange index (PSEi) closed 32.79 points lower at 8,289.19 while the broader All-Shares index lost 20.07 points, or 0.41 percent, to end at 4,851.68. File
MANILA, Philippines — Philippine stocks bucked the regional uptrend due to the continued absence of market-moving news, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) closed 32.79 points lower at 8,289.19 while the broader All-Shares index lost 20.07 points, or 0.41 percent, to end at 4,851.68.
Ed Francisco, president of BDO Capital, said the market moved sideways due to the absence market-moving news.
This as market investors digested the third quarter corporate earnings results and the better-than-expected third quarter gross domestic product growth of 6.9 percent.
While this was slower than the 7.1 percent recorded a year ago, it was better than the consensus estimate of 6.6 percent.
Francisco said the sideways movement may continue throughout the rest of the week unless there are new catalysts that would influence the market.
Total value turnover reached P7.18 billion. Market breadth was negative, 124 to 78 while 48 issues were unchanged.
Meawhile, Wall Street was led up by telecom and tech shares, with the Dow edging back toward record highs scaled two weeks ago.
In currencies, the dollar index against a basket of six major currencies stood near a one-week peak of 94.104 touched overnight.
The greenback was boosted by rising bond yields, with the two-year US Treasury yield touching a nine-year high of 1.755 percent overnight.
The yield has risen as investors priced in more interest rate hikes by the Federal Reserve, while the Treasury is expected to increase debt issuance with a focus on short-and intermediate-dated maturities. – With Reuters
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