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Psei down on lowered forecast, profit-taking

May 24, 2019

THE stock market retreated on Thursday as investor sentiment was dented by another cut in the country’s economic growth forecast, while profit-taking broke four consecutive days of gains.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.14 percent or 11.04 points to close at 7,804.03, while the wider All Shares declined by 0.26 percent or 12.59 points to end at 4,809.26.

Brokerage firm Philstocks Financial Inc. said the decision of Fitch Solutions to downgrade its economic growth outlook had dampened sentiment.

The Fitch Group unit announced on Wednesday that it had trimmed the country’s economic growth for 2019 to 5.9 percent from the previous 6.1 percent, citing the lower-than-expected gross domestic product (GDP) expansion during the first quarter due to trade tensions and soft external demand.

In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said investors remained on the sidelines and took profits after four straight days in the green.

The local market fell in line with its global counterparts. In the US, the Dow Jones dropped by 0.39 percent, the S&P500 decreased 0.28 percent and the Nasdaq shed 0.45 percent.

In the region, Tokyo lost 0.62 percent, Shanghai declined 1.36 percent, Hong Kong plunged 1.80 percent, Seoul dipped 0.26 percent, Singapore shed 0.77 percent, and Bangkok dropped 0.58 percent. Only Jakarta finished higher, up 1.56 percent.

In Manila, only the mining and oil and property indices increased, up 0.05 percent and 0.39 percent, respectively.

More than 3.4 billion issues were traded valued at P7.2 billion.

Losers led winners, 110 to 87, while 53 issues were unchanged.

Credit belongs to : www.manilatimes.net

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