Asian markets—except PH—shake off Wall Street woes

The benchmark Philippine Stock Exchange Index (PSEi) continued to trek lower on Thursday while regional stocks were mostly higher after the Chinese central bank cut interest rates.

By the closing bell, the PSEi shed 0.31 percent, or 22.26 points, to 7,239.28 while the broader all-shares index rose 0.02 percent, or 0.59 points, to 3,855.84.

Investors took money off the table while regional indices were lifted by news that the People’s Bank of China lowered a key bank lending rate, indicating its readiness to combat the slowdown in the economy.

Wall Street fell overnight as investors continued to weigh the US Federal Reserve’s plan to raise rates to control surging inflation.

Mining firms gain

Philippine Stock Exchange (PSE) subsectors were mixed with property stocks dropping 1.72 percent and mining and oil jumping 3.25 percent.

Mining companies enjoyed gains on Thursday, led by Marcventures Holdings Inc., up nearly 14 percent to P1.55; Philex Mining Corp., up 6 percent to P5.83; and Nickel Asia Corp., up to 3.95 percent to P6.06 per share.

Financial and industrial subindices also added 0.97 percent and 0.30 percent while service and holding firms tumbled 0.68 percent and 0.12 percent.

A total of 2.57 billion shares valued at P6.15 billion changed hands during the session while foreigners continued to reduce their holdings with net sales of P538.95 million.

PSE data showed 109 gainers versus 81 losers, while 44 companies closed unchanged.

Alliance Global Group Inc. was the most actively traded stock as it slid by 2.34 percent to P12.50 per share.

It was followed by Ayala Land Inc., down 2.57 percent to P34.10; International Container Terminal Services Inc., down 2.05 percent to P200.20; Solar Philippines Nueva Ecija Corp., down 0.62 percent to P1.60; and Monde Nissin Corp., down 2.05 percent to P16.24 per share.