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

PSEi closes higher on positive corporate news, Wall St.'s record finish

Philippine shares ended higher Wednesday on positive corporate news and the US market's record high close overnight.

"Index closed 57 points higher today as investors were focusing on positive corporate news," Joanna Capiral, analyst at Papa Securities Corp., told GMA News Online.

Petron Corp. shares went up by 1.78 percent to close at P16 apiece from P15.72, helped by news the oil company was expand its retail network to 5,000 in three to four years. LT Group's shares went up by 1.94 percent to P26.25 apiece from 25.75 on robust first quarter results.

"US market's overnight gains also contributed to the market's positive close," said Capiral.

The bellwether PSEi was up by 57.49 points or 0.78 percent to 7,385.07, less than 10 points shy of its 31st record close of 7,392.20 on May 15.

The broader all-shares index went up by 27.46 points or 0.61 percent to 4,519.30.

All sub-indices were in the positive territory led by holding firms which added 0.93 percent and industrial with 0.85 percent.

More than 818.38 million shares valued at P8.81 billion were traded.

Advancers outweighed decliners 93 to 70 while 48 stocks were unchanged.

According to Reuters, US stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.

The Dow Jones industrial average gained 52.30 points, or 0.34 percent, to end at a record 15,387.58. The Standard & Poor's 500 Index added 2.87 points, or 0.17 percent, to finish at a record 1,669.16. The Nasdaq Composite Index advanced 5.69 points, or 0.16 percent, to close at 3,502.12—its highest close since October 2000. — VS, GMA News

source: gmanetwork.com