June 23, 2018, 10:36 am
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Shares down on risk aversion

Share prices ended lower Tuesday as risk aversion hit investors. 

The Philippine Stock Exchange index (PSEi) was down 33.93 points to 8,419.57, a 0.40 percent drop. 

The broader all shares index was down 16.82 points to 5,067.16, a 0.33 percent drop. 

Losers edged gainers 123 to 84 with 52 stocks unchanged. 

Trading turnover reached P6.56 billion.

 Arabelle  Maghirang, deputy head of research at Papa Securities Corp., said investors may have been influenced by “uncertainty over the policy direction of the BSP,” keeping investors at the sidelines.

“The PSEi was on a downtrend throughout the day. A spike up at the close was not enough to offset the day’s losses,” Maghirang said. 

“Expect market sentiment to remain weak amid global trade worries. PSEi will likely trade between 8,300 and 8,700,” she added.

Luis Limlingan, managing director at Regina Capital Development Corp., said investors may also be “still assessing Trump’s tariffs.” 

Most actively traded MRC Allied Inc. was down P0.04 to P0.85. BDO Unibank Inc. was down P3.80 to P149.50. DoubleDragon Properties Corp. was up P1.55 to P35.50. Ayala Land Inc. was down P0.45 to P41.55. SM Investments Corp. was down P1 to P963. Metropolitan Bank and Trust Co. was down P0.70 to P96. Pacific Online Systems Corp. was up P1.60 to P11.92. Philex Petroleum Corp. was down P1.06 to P13.70. Jollibee Foods Corp. was down P2.40 to P293. 

Other Southeast Asian stock markets fell yesterday  in line with Asian peers, as investors worried that a higher-than-expected US inflation print would hasten the Federal Reserve into pressing ahead with a rate increase as early as next week.

“It is people being risk-averse ahead of anticipated results (economic data), so not only is it the US inflation report but also China’s production numbers as well as their retail activity,” said Fio Dejesus, equity research analyst at RCBC Securities in Manila.

Chinese industrial output and retail sales data for February are due on Wednesday. 

Indonesia’s benchmark fell 0.7 percent on broad-based losses. Telekomunikasi Indonesia lost as much as 1.9 percent.

An index of the country’s 45 most liquid stocks fell as much as 1 percent.

Malaysian shares inched lower, with consumer discretionary and telecom stocks dragging down the index. Genting Malaysia Bhd, down 1.7 percent, contributed the most to index losses.

Thai shares moved into negative territory after ending higher for the first session in nine on Monday. PTT Pcl weighed the most on the benchmark, slipping 0.4 percent.

The Singapore index rose slightly, helped by gains in Capitaland Mall Trust and DBS Group Holdings Ltd, which were up 0.5 percent and 0.9 percent, respectively.– Reuters 

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