July 31, 2019
THE stock market fell on Tuesday as investors continued to be on a wait-and-see mode ahead of the Federal Reserve’s monetary policy meeting and more corporate earnings outcome.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.47 percent or 38.06 points to close at 8,150.46, while the wider All Shares declined by 0.54 percent or 29.96 points to finish at 4,936.08.
Brokerage firm Philstocks Financial Inc. said market players were trading in anticipation of the Fed’s two-day meeting on Wednesday and Thursday (Thursday and Friday in Manila), where a 25-basis point rate cut is to be expected.
In the domestic front, companies scheduled to announce first-half earnings this week are BDO Unibank Inc., Aboitiz Equity Ventures Inc., AboitizPower Corp., Metro Pacific Investments Corp., and Ayala Corp.
Wall Street’s main indices finished mixed, with the Dow Jones the only gainer, up 0.11 percent. S&P 500 and Nasdaq were down by 0.16 percent and 0.44 percent, respectively.
In Asia, Tokyo grew 0.43 percent, Shanghai rose 0.39 percent, Hong Kong increased 0.22 percent, Seoul increased 0.45 percent, Jakarta added 0.88 percent, Singapore inched up 0.02 percent. Only Bangkok finished lower, down 0.65 percent.
In Manila, sectoral results were mixed, with the financials and services sectors the only gainers, up 0.29 percent and 0.58 percent, respectively.
More than 734 million issues were traded, valued at P6.65 billion.
Losers led winners, 115 to 85, while 49 issues were unchanged.
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