Connect with us

Hi, what are you looking for?

News

PSEi ends lower on profit taking, Wall Street’s drop

Philippine shares ended lower on Wednesday due to profit taking and losses on Wall Street amid the release of a gloomy US consumer confidence index report.

The benchmark Philippine Stock Exchange index (PSEi) declined by 42.22 points or 0.66% to close at 6,303.19 on Wednesday, while the broader all shares index gave up 11.56 points or 0.34% to end at 3,389.12.

“Philippine shares gave up early-session gains following a disappointing US consumer confidence index reading,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Wednesday.

“The local bourse pulled back this Wednesday as investors took profits from its preceding three-day rally. Concerns over the decline in consumer confidence of major economies [also] weighed on market sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

First Metro Investment Corp. Head of Research Cristina S. Ulang added that the market is on a “sell on rally” as investors are quick to take profit on recent gains.

Wall Street closed sharply lower in a broad sell-off on Tuesday as dire consumer confidence data dampened investor optimism and fueled worries over recession and the looming earnings season, Reuters reported.

The S&P and the Nasdaq fell about 2% and 3% respectively, with Apple, Inc., Microsoft Corp. and Amazon.com weighing the heaviest. The blue-chip Dow shed about 1.6%.

US consumer confidence dropped to a 16-month low in June as worries about high inflation left consumers to anticipate that the economy would slow significantly or even slide into recession in the second half of the year.

Back home, sectoral indices ended split on Wednesday. Property sank by 62.83 points or 2.14% to 2,867.64; financials dropped by 9.68 points or 0.65% to 1,473.43; and holding firms lost 24.04 points or 0.40% to end at 5,922.66.

Meanwhile, mining and oil went up by 98.16 points or 0.88% to 11,134.46; services rose by 4.50 points or 0.26% to 1,715.38; and industrials gained 5.34 points or 0.05% to close at 9,043.56.

Decliners narrowly beat advancers, 98 versus 97, while 45 names ended unchanged.

Value turnover fell to P4.91 billion on Wednesday with 532.42 million shares changing hands from the P7.46 billion with 847.09 million issues seen on Tuesday.

Net foreign selling grew to P645.8 million from the P157.91 million seen the previous trading day.

Regina Capital’s Mr. Limlingan said investors will be focused on semester-end window dressing and the inauguration of President-elect Ferdinand “Bongbong” R. Marcos, Jr. to close trading for this month on Thursday. — Luisa Maria Jacinta C. Jocson with Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.