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Business

Share prices ease as investors take profits  

Iris Gonzales - The Philippine Star
Share prices ease as investors take profits   
The benchmark Philippine Stock Exchange index (PSEi) finished at 5,934.27, down 54.32 points or 0.91 percent, while the broader All Shares index dropped 20.19 points or 0.63 percent to end at 3,199.79.
Businessworld

MANILA, Philippines — Share prices eased yesterday to snap a three-day upturn as investors took profits from the market’s recent gains.

The benchmark Philippine Stock Exchange index (PSEi) finished at 5,934.27, down 54.32 points or 0.91 percent, while the broader All Shares index dropped 20.19 points or 0.63 percent to end at 3,199.79.

Total value turnover was thin at P3.8 billion.  Market breadth was negative, 103 to 84, while 41 issues were unchanged.

“Philippine shares were sold down at closing as investors kept tabs on economic data to see if inflation is cooling off or if the Federal Reserve’s rate hikes are pushing the US closer to a recession,” said Luis Limlingan of Regina Capital.

As inflation accelerated to 6.9 percent in September, the highest in four years, it padded up bets the central bank would impose more rate hikes, he said.

Around Asia, stocks were mixed after strong US hiring dampened hopes the Fed might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices.

Payroll processor ADP said US employers added 208,000 jobs in September, slightly more than expected.

That showed some parts of the US economy still are strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high.

“The economy is too strong for the Fed to pivot. The strong start to October is over,” Edward Moya of Oanda said in a report.

Investors are hoping data that show the economy weakening will persuade the Fed and central banks in Europe and Asia to ease off rate hikes. They worry aggressive action to cool inflation might tip the global economy into recession, but forecasters say hopes central bankers will relent might be premature.

Meanwhile, the PSE said it recently took part in the global Ring the Bell for Financial Literacy program of the World Federation of Exchanges (WFE).

Close to 80 WFE member organizations participated in the event, in support of World Investor Week which is spearheaded by the International Organization of Securities Commissions or IOSCO.        

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