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PSEi slips 1.23% at noon break

GMA News Online logo GMA News Online 6 days ago Sollorano, Vic
MONEY- stock market thumbnail MONEY- stock market thumbnail

Philippine shares slipped more than 1 percent during the morning session on Wednesday, as investors pocketed gains after the PSEi hit the 7,700 resistance level.

“This is due to profit-taking after hitting the 7,700 resistance,” Philstocks Financial Inc. research analyst Piper Chaucer Tan said.

The benchmark PSEi lost 94.61 points or 1.23 percent to close at 7,609.31 by the noon recess. The broader All Shares shed 35.91 points or 0.78 percent to 4,566.60.

The market also cued by declines overnight on Wall Street.

“US markets fell down by more than 3 percent due to trade ... uncertainties and slower economic outlook towards 2019,” Tan said.

Wall Street tumbled more than 3 percent on Tuesday, led lower by bank and industrial shares, as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade

“Look to a negative start from Wall Street’s retreat. Market to give up gains but not as much as CPI (consumer price index) is quite encouraging,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Inflation clocked in at 6 percent in November, slower than the 6.7 percent recorded in October

It is within the Bangko Sentral ng Pilipinas’ forecast range of 5.8 percent to 6.6 percent and slower than the 6.3 percent estimate of the Department of Finance. —VDS, GMA News

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