PSE index tracks Asia downtrend

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The benchmark Philippine Stock Exchange index weakened on Thursday following its regional peers as investors took profit.
Shares at the local bourse dipped by 32.85 points to 7,062.01, 0.46 lower than the previous day’s close.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that investors absorbed the “negative cues from Wall Street overnight as investors were worried over the state of the United States economy.”

She noted that the “disappointing US retail sales weighed on sentiment as this heightens recession fears in the US.”

Mixed views

“Meanwhile, the reopening of China’s economy was giving mixed sentiment as this may push the US inflation higher amid China’s growing demand,” she added.

Yesterday, PSEi’s net market value turnover clocked in at P6.34 billion, slightly lower than the P6.59 billion average for this month, but still above the P5.00 billion level.

Sectors were mixed — Miners and Services were in the green, up by 1.59 percent and 0.17 percent, respectively. Banks, on the other hand, the losers after it went down by 1.03 percent.

Among index members, Wilcon Depot, Inc. gained the most by 3.72 percent, while Manila Electric Company lost the most at 2.61 percent.

“Traders are anticipating a slew of economic reports Wednesday, including the latest data for the PPI (producer price index) and retail sales,” according to Regina Capital Development Corp., managing director Luis Limlingan.

Economists polled by the Dow Jones are expecting the PPI to have declined 0.1 percent in December, compared to a 0.3 percent rise the previous month.

Meanwhile, according to consensus estimates, retail sales in December are expected to dip one percent. Oil prices eased as recession worries overshadowed China recovery hopes. Brent futures fell -1.1 percent, to settle at $84.98 per barrel. US WTI crude fell -0.9 percent, to settle at 79.48/bbl.

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