Stocks snap 2-day gain as China data disappoint
MANILA, Philippines — Share prices slumped yesterday following a dismal China economic data, dragging down the local stock market to a negative close for the week.
The Philippine Stock Exchange index eased 45.32 points, or 0.57 percent, to finish at 7,885.23, while the broader All shares index lost 0.33 percent or 15.89 points to settle at 4,755.04.
“The slower than expected third quarter China GDP growth data sent local stocks lower,” Philstocks Financial Inc. said in a report.
Philstocks said China’s economic data also sent most Asian markets lower on Friday.
In the local market, things were no different as all counters were in the red, except for services which managed to increase 0.30 percent.
The industrial index suffered the biggest blow, plunging by 1.34 percent during yesterday’s session. Holding firms and mining and oil likewise saw a substantial drop of 0.61 percent and 0.55 percent, respectively.
Despite the decline, market breadth was positive as advancers edged out decliners, 89 to 83, while 46 shares were unchanged. Value turnover was thin at P5.467 billion.
Asian stocks stumbled on Friday, erasing earlier gains after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal.
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