PSEi down on ADB's regional forecast

A negative outlook for Asian economies, particularly China, downed share prices on the Philippine Stock Exchange Tuesday with the PSEi registering a second day of losses.

 

“The market was down due to cut on the growth outlook of China,” Alexander Adrian O. Tiu, research analyst at AB Capital Securities Inc., said in a phone interview.

 

The benchmark PSEi dropped 41.18 points or 0.58 percent at 7,051.23. The All Shares lost 21.30 points or 0.53 percent at 4,033.56.

 

Over 1.976 billion shares valued at P7.067 billion were traded. Decliners outpaced advancers, 93 to 92, while 34 issues were unchanged.

 

“The cut in China’s growth outlook, citing global weakness, impacted local equities,” Tiu said, noting that the ADB also lowered its forecast for India, South Korea, and Indonesia.

 

The report prompted more profit-taking, Tiu noted.

 

Given the negative outlook for the region's market economies, Tiu said the likelihood that bearish sentiment will rule the market is high. – Jon Viktor Cabuenas/VS, GMA News