Philippine stocks retreated after a two-day recovery as Wall Street fell over poor China manufacturing data, among other overseas news.
One of the concerns that investors were looking at during Thursday’s session was the poor manufacturing data from China.
Joseph Roxas, president of Eagle Equities Inc., also specified that the market dropped because of the losses in Wall Street after Federal Reserve Chairman Ben Bernanke said that quantitative easing may start to slow down.
Meanwhile, Accord Capital Equities Corp. analyst Jun Calaycay said that at this point, corporate earnings, inflation and partly, gross domestic product (GDP) outlook, have been practically discounted into share prices.
“Investors’ holding back on any significant moves or alterations reflect the wait-and-see stance most have taken ahead of the all-important GDP numbers release next week,” he added.
After staying in the green in the early hours of trading, the Philippine Stock Exchange index ended the Thursday session in the red, falling 0.96 percent, or 70.69 points to 7,314.38.
The wider all-shares index also declined, losing 1.08 percent, or 48.78 points to 4,485.42.
Also, all the sector indices registered losses with mining and oil falling significantly by 2.19 percent, or 383.60 points to 17,138.81, followed by financials, which erased 32.86 points, or 1.74 percent to 1,860.97.
Industrial went down 1.28 percent, or 141.25 points to 10,931.96, while holding firms snapped 1.12 percent, or 74.37 points to 6,584.99.
The property counter declined by 1.10 percent, or 33.87 points to 3,036.13, while services ended flat at 0.12 percent, or 2.62 points to 2,134.28.
Decliners edged advancers, 148 to 33, while 34 issues were unchanged.
On Wednesday, the PSEi went further up, rising 0.78 percent, or 57.49 points to 7,385.07, while the broader all-shares barometer gained 0.61 percent, or 27.46 points to end at 4,534.20.
“Except for the absence of an intra-day foray in the red, today’s action mirrored the previous session’s character. It rose off the opening bell but rather than dropping back as what it did Tuesday, the measure stayed flat before a gradual pick up in the afternoon session, and a late surge pushed the PSEi higher,” Calaycay said.