Still holding on to the 8000 level, the local stock barometer closed on Monday at 8007.46, down 39.66 points or by 0.49 percent as China’s growth data proved lower than consensus at only 6.6 percent.
The all shares index of the Philippine Stock Exchange index (PSEi) was down by 0.12 percent, while all sub-indices were in the red except for the property index which rose by 0.77 percent.
The services index, down by 1.80 percent, lost the most, followed by the financials index, down 0.88 percent, the mining and oil index down 0.73 percent, holding firms index down 0.51 percent and the industrial index down 0.20 percent.
Value turnover for the trading day amounted to P5.667 billion. Decliners led advancers by a large margin, 114 to 86, while 45 issues were unchanged.
Earlier, Reuters reported decline in the Asian market as expectations that China, the world’s second largest economy, might report economic growth as low as the level recorded during the global financial crisis.
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In line with this, China on Monday announced that its 2018 economic growth fell to 6.6 percent, the slowest since 1990.
The PSEi ended last week on a high note, finishing at 8047.12 on Friday as improvements in trade negotiations between the US and China boosted investors’ sentiments.
“We’ll have to monitor the developments on the prevailing issues such as the US-China trade negotiations and Brexit. Any negative developments on these issues may drag our local bourse down,” research associate from local brokerage firm Philstocks Financial Inc. Japeth Tantiangco previously said.
