• Portfolio rebalancing keeps PH shares weak

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    PHILIPPINE shares traded on a weak note Friday, as investors continued to rebalance their portfolios while others stayed out of the market ahead of the speech of US Federal Reserve Chair Janet Yellen.

    The Philippine Stock Exchange index (PSEi) decreased by 0.12 percent or 9.05 points to 7,845.49, while the wider All Shares index dipped by 0.05 percent or 2.18 points to 4,661.61.

    “The market still fell on rebalancing of portfolio. The US and regional counters were also down, further depressing investor sentiment,” said Jonathan Ravelas, BDO chief market strategist.

    “Market players also avoided risk ahead of the Jackson Hole meeting. Investors’ defensive posturing characterized this week’s trading,” Ravelas said.

    US markets were down on Thursday as investors took on a wait-and-see stance before Yellen’s speech.

    Volumes were light in global markets the past few days as investors preferred first to hear what the Fed chair might say regarding interest rates.

    More than 1.55 billion shares were traded on Friday, amounting to P9.48 billion. Advancer’s outnumbered decliners, 114 to 72, and 50 issues were unchanged.

    On Thursday, the benchmark PSEi declined by 0.15 percent or 11.59 points to 7,854.54, while the All Shares inched up 0.03 percent or 1.16 points to 4,663.79.

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