Saturday, October 21, 2017
Close  
business / Headlines

Local financial markets closed for Asean meetings

business / Headlines
  • share this

Local financial markets closed for Asean meetings

/ 12:18 AM April 29, 2017

Local financial markets paused for a long weekend break starting yesterday as the metropolis rolled out the red carpet for the Association of Southeast Asian Nations (Asean) delegates.

Normal trading at the Philippine Stock Exchange will resume on May 2.

Friday was declared a non-working holiday in deference to the Asean Summit hosted by the Philippines.

ADVERTISEMENT

On Monday, the market will remain closed in observance of Labor Day.

Ahead of the long weekend break, the Philippine Stock Exchange index (PSEi) shed 65.44 points or 0.85 percent to close on Thursday at 7,661.01.

The PSEi tested the 7,700 level this week but succumbed to profit-taking.

During the four-day trading week, the PSEi gained 82.85 points or 1 percent, buoyed by foreign inflows after the market-friendly result of the first round of presidential elections in France.

On Thursday, the last trading day of April, the stock market ended in the red as US stocks ran out of steam to close narrowly lower and consolidate a stunning two-day rally, said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Limlingan said the lack of details in Washington’s proposed tax plan—mainly related to how it would be funded— tempered near-term optimism.

ADVERTISEMENT

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ASEAN, Business, News, Philippine Stock Exchange
For feedback, complaints, or inquiries, contact us.




© Copyright 1997-2016 INQUIRER.net | All Rights Reserved