Market rally takes breather, PSEi down in morning trade

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INVESTORS sold off positions in early trading on Wednesday as the market took a breather after Tuesday’s run-up.

At the midday break, the bellwether index was down 88.78 points or 1.13 percent at 7,797.19. The broader All Shares had shed 0.88 percent or 41.82 points to 4,782.32.

“After days of a run-up, the market took a breather,” First Grade Finance, Inc. Managing Director Astro del Castillo said.

Reports of rising US bond yields and North Korean President Kim Jong Un’s threat to cancel a planned summit with US President Donald Trump also doused sentiment, dragging the index lower.


The yield on the 10-year US Treasury note hit a fresh peak overnight of 3.082 percent from 2.995 percent recorded on Monday, its highest level in seven years and also marking the highest single-session rise since March 2017.

Meanwhile, North Korean President Kim Jong Un has reportedly threatened to cancel a planned summit with Trump scheduled on June 12 in Singapore if the US and South Korea do not give up their nuclear weapons.

Most sectoral results were in the red except for the mining and oil index, which was up 0.51 percent.

 

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