Stock market snaps two-day rally

MANILA, Philippines - Tentative trading marked the start of the month, with investors still weighing major investment decisions ahead of numerous developments abroad.

The Philippine Stock Exchange index (PSEi) fell 0.22 percent or 13.37 points to 6,061.80, snapping a two-day rally.

“The PSEi swung between gains and losses throughout the session as investors tried to strike a balance between and among the regional cheer and profit-taking,” Justino Calaycay, an analyst at Accord Capital Equities Corp. said.

“The shakiness of the market is a manifestation of investors’ hesitance to make strong commitments to equities at a time when a number of possible shock-inducing events hang in the balance,” Calaycay added.

For instance, the US Federal Reserve is expected to firm up plans on tapering off its bond buying stimulus program while developed nations have yet to approve a US-led military strike in Syria.

Across Asia, stock markets were boosted by strong factory data in world’s second largest economy China. The HSBC purchasing managers’ index hit 50.1 in August, indicating higher output and new orders.

Japan’s Nikkei 225 climbed 1.37 percent or 184.06 points to 13,572.92, while Hong Kong’s Hang Seng index rallier 2.04 percent or 443.97 points to 22,175.34.

Locally, most counters were in the red, paced by property firms that dropped 1.56 percent or 36.11 points to 2,283.33.