Stocks pare losses; index still ends in red
Iris Gonzales (The Philippine Star) - January 17, 2020 - 12:00am

MANILA, Philippines — The Philippine stock exchange index managed to pare losses but continues to trade in the red.

The benchmark Philippine Stock Exchange index (PSEi) lost 11.22 points or 0.14 percent, to close at 7,653.18

Likewise, the broader All Shares index also slipped 8.30 points, or 0.18 percent, to end at 4,531.00.

The sectoral indexes were a mixed bag with property, industrial, holding firms and services sectors ending in the red.

Total value was thin at P6.436 billion. Market breadth was negative, 112 losers against 89 gainers, while 32 issues were unchanged.

Foreign selling prevailed at P478 million. Foreign selling totaled P4.4 billion, while foreign buying reached P3.9 billion.

Traders said investors are still digesting news that US and China have moved a step closer in diverting a trade war but generally investors are putting their funds in the US, leaving Asians stocks mixed.

“Investors continued to pour money in the US market after President Donald Trump signed the first phase of a trade pact with China, marking a truce in the dispute over import tariffs which has unsettled markets world-wide and slowed economic growth. News surfaced late in the session that China has not agreed to an additional tariff reduction as part of the Phase 1 deal,” said Luis Limlingan of Regina Capital.

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