China’s weak factory activity dampens PSEi
MANILA, Philippines - The country’s benchmark stock index fell yesterday behind a disappointing manufacturing data from the world’s second largest economy.
The Philippine Stock Exchange index (PSEi) declined 0.15 percent or 11.55 points to close at 7,828.94 while the broader all shares index was slipped 0.24 percent or 10.96 points to 4,526.82.
With no major market mover locally for the day, analysts said the local market searched for answers abroad and found a Chinese factory data which dropped to an 11-month low.
As a result, decliners pummeled advancers, 112 to 68, while 44 stocks were unchanged
Turnover value, however, increased slightly to P9.8 billion.
Asian markets were mixed, with the bigger Nikkei of Japan tumbling 0.2 percent. Wall Street indexes, meanwhile, were all in the red overnight.
“Volatile swings from Wall Street did not sit well with buyers,” said Jason Escartin, analyst at F Yap Securities Inc.
“While the index hold within consolidation range between 7,700 to 7,862 level, we cannot discount a test of newer highs towards the 8,000 level from select PSE-index stocks. Meanwhile, a break below the range would imply a test of major support levels,” Unicapital Securities Inc. said in a report.
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