Local financial markets closed for Asean meetings

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.

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.