Weak China economy drags PH shares

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PHILIPPINE shares continued to register losses, as economic data from China took its toll on markets around the world.

The benchmark PSE index (PSEi) dipped 0.91 percent or 68.41 points to 7,479.03, while the broader All Shares declined 0.84 percent or 36.08 points to 4,284.05

Astro del Castillo, First Grade Finance Inc. managing director, said in a phone interview that disappointing data from China continued to affect equities trading.

“China is one of our globally known trading partners,” Del Castillo said.

Joylin Telagen, research analyst at IB Gimenez Securities Inc., noted other factors have influenced the market.

According to the analyst, flat earnings posted by BDO Unibank in the second quarter and the US Federal Reserve meeting also weighed on trading.

“I think it’s a combination of all the negatives, including concerns about China’s weak economy and the continued rout of the Chinese market despite government intervention.
Flat Q2 earnings reported by BDO and concerns about when the Federal Reserve starts raising interest rates,” Telagen said.

More than 2.1 billion shares valued at P6.8 billion were traded. Decliners outnumbered advancers 122 to 46, while 38 were unchanged.

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