PH stocks weighed down byWall St fall

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Philippine shares slipped on Thursday, dragged by losses across Asia that were triggered by the US markets’ fall on weak China and US factory output data.

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The benchmark Philippine Stock Exchange index (PSEi) closed off lows, cutting its intraday 1 percent loss to just 0.13 percent or 9.36 points at 6,917.55 at the end of trade.
The wider All Shares index finished little changed — 0.1 percent or 4.01 points lower at 3,991.08.

Harry Liu, president at Summit Securities Inc., said the Philippine market went along with the flow on the international markets given a lack of local catalysts.

“The decline is global,” he said. “US interest rates are still being talked about, but the primary factor was the China situation, which is not showing any positive sign – that worries investors as its economic instability will affect markets all over the world,” Liu said.

“We’ll be on the lookout for positive development,” he said. When election expenditure and the official campaign period begins, “we’ll see election spending boosting the economy and the equities market,” Liu added.

On Wall Street overnight, the Dow Jones Industrial Average dropped 0.31 percent or 50.58 points to 16,279.89, while S&P 500 dipped 0.20 percent or 3.98 points to 1,938.76, and tech heavy Nasdaq slipped 0.08 percent or 3.98 points to 4,752.74.

On the PSE, advancers were led by the industrial sector while decliners were led by the services sector.

Losers outnumbered gainers, 96 to 73, while 45 issues closed unchanged. Total trade volume stood at 1.117 billion, valued at P7.087 billion.

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