outbrain
Close  

PH, regional markets down, search for clues from Fed

/ 05:14 AM January 31, 2019

The local stock barometer slipped below the 8,000 mark on Wednesday, weighed down mostly by sluggish regional markets awaiting the US Federal Reserve’s policy decision.

The main-share Philippine Stock Exchange index (PSEi) fell by 70.87 points or 0.88 percent to close at 7,979.95.

ADVERTISEMENT

All counters ended in the red, led by the services and property counters, both of which declined by over 2 percent. The financial counter also faltered.

Value turnover was relatively heavy at P9.62 billion.  There was net foreign buying of around P844 million.

FEATURED STORIES

“Participants could be on the lookout for the Fed policy statement, although expectations have largely been for the central bank to keep rates steady,” Papa Securities said in a research note.

“The PSEi managed to end the day above 8,000, however, we could continue to see weakness in the short term. It should be treated as a buying opportunity. From a technical standpoint, the pullback is perfectly healthy,” Eagle Equities head of research Christopher Mangun said.

There were 117 decliners that edged out 84 advancers, while 47 stocks were unchanged.

The PSEi was dragged down by AGI, which slid by 3.27 percent, while BDO, Jollibee and Megaworld all declined by over 2 percent.

SM Prime, ICTSI and Puregold all went down by over 1 percent.

Ayala Corp., URC, San Miguel, Meralco and JG Summit also slipped.

Of the advancers, Ayala Land added 1.51 percent.  It was the day’s most actively traded company.

ADVERTISEMENT

SM Investments also firmed up.

Among the notable gainers outside the PSEi were ISM and MacroAsia, which respectively surged by 9.58 percent and 3.41 percent.

Premiere Horizon Alliance also added 0.63 percent on relatively heavy volume.

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

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: Local Stock, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.