Gloomy China data spook investors

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) slumped on Tuesday as investors tracked developments overseas, including the disappointing data on China’s economy.

By the closing bell, the PSEi shed 0.53 percent, or 34.81 points, to close at 6,472.97 while the broader All Shares index slipped 0.37 percent, or 12.81 points, to 3,461.11.

“The index failed to sustain yesterday’s technical rebound as investors sold off after [the] disappointing China trade data that showed a massive contraction in July imports and exports,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Tuesday.

“The PSEi’s performance also tracked many Asian markets lower given the latest sign of China’s economic slowdown,” he added.

Financials and holding firms underperformed while services and industrial stocks gained ground. PSE data showed 622.67 million areas valued at P4.58 billion changing hands while foreigners were net sellers amounting to P165 million.

Ayala Land Inc. was the top traded stock as it climbed 2.44 percent to P29.40 per share.

It was followed by Metro Pacific Investments Corp., up 1.43 percent to P4.97; International Container Terminal Services Inc., up 0.38 percent to P208.80; SM Investments Corp., down 0.72 percent to P895; and BDO Unibank Inc., flat at P141 per share.

—Miguel R. Camus INQ