MANILA, Philippines - The main index retreated for the first time in five days due to profit taking and weakness in the manufacturing sector of China.
The Philippine Stock Exchange index slipped 0.23 percent or 15.43 points to 6,769.52, while the broader all shares index fell 0.07 percent or 2.70 points to 4,072.21.
“The market hit minor resistance at 6,800 so there was a pullback,†Miguel A. Agarao, an analyst at Wealth Securities Inc., said in a phone interview.
Agarao said the weakness in Chinese stocks rubbed off on local equities. HSBC Flash Manufacturing purchasing managers’ index hit 48.3 in April, slightly better than the previous month but still showed a contraction.
Japan’s Nikkei 225 added 1.09 percent or 157.50 points to 14,546.27.
Wall Street improved on Tuesday given strong corporate earnings news. The Dow Jones industrial average climbed 0.4 percent or 65.12 points to 16,514.37 while the broader Standard & Poor’s 500 index rose 0.41 percent or 7.66 points to 1,879.55.
Locally, most counters were in the red, paced by the service sector that dropped 0.60 percent or 12.03 points to 2,006.85. But mining and oil inched up 0.4 percent or 63.03 points to 15,700.33.
Turnover weakened to P7.12 billion from P10.35 billion on Tuesday. Advancers again outplayed decliners, 98 to 86, while 36 stocks did not change.
Most active shares ended in negative territory, led by top-traded and index heavyweight PLDT (-0.62 percent), Ayala Land Inc. (-0.49 percent) and LT Group Inc. (-0.43 percent).