PSEi down nearly 1.5% on China PMI

A lower manufacturing index reported by China sparked a new round of sell-off on the Philippine Stock Exchange Wednesday, with the PSEi losing nearly 1.5 percent when the morning session closed.

The main PSEi lost 99.07 points or 1.41 percent at 6,952.16. The broader All Shares dropped 43.79 points or 1.09 percent to 3,989.77.

“It’s more of the global concerns,” Juan Rafael Supangco, head of research at Angping & Associates Securities Inc. said in a phone interview.

Markets were affected by the drop in China’s manufacturing purchasing managers’ index (PMI) which declined to 47.0 in September, the lowest since 2009.

Supangco noted the Philippine market is expected trade on a weak note throughout the session. – VS, GMA News

source: gmanetwork.com