The Manila Times

PSEI DOWN -0.66%, SNAPS 3-DAY RALLY

ED PAOLO SALTING

THE Philippine Stock Exchange dipped on Wednesday as the index closed lower by 42.22 points (-0.67 percent) to settle at 6,303.19.

According to 2Trade Asia Grace Cerdenia, investors were listless as they took profits from the index’s preceding rally as concerns over several global uncertainties continued.

“Investors were concerned over the decline in consumer confidence of major economies, Japan and South Korea, according to their official surveys. Many also continued to keep a close eye on

China, which eased Covid restrictions for inbound travelers and slashed quarantine time to seven days,” Regina Capital Development Corp. Managing Director Luis Limlingan and Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in their respective analyses.

Michael Ricafort, chief economist at Commercial Banking Corp., said continuing hawkish signals from some Federal Reserve (Fed) officials — New York Fed President John Williams and San Francisco Fed President Mary

Daly — and decline of consumer confidence in the United States (98.7 index reading) also weighed on market sentiment.

Limlingan, meanwhile, notes that in the US, investors are looking ahead to comments from Fed Chairman Jerome Powell at the European Central Bank forum and locally, attention will be focused on the semester end window dressing and the inauguration of the next president.

Meanwhile, oil prices rallied for a third day as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil. Brent crude futures climbed by $1.19 (1 percent) to $116.28 per barrel. US WTI crude futures rose 96 cents (0.9 percent) to $110.53. Both contracts ended the previous session nearly 2 percent higher.

Trading was lethargic with net value turnover registering P4.61 billion, below the year-to-date average of P6.68 billion.

Foreigners were net sellers with net outflows amounting to P645.80 million.

Mining and oil led the sectors, adding 0.89 percent, while properties were at the tail end, shedding 2.14 percent. Decliners edged advancers 98 to 97 while 45 securities remained unchanged.

Business Times

en-ph

2022-06-30T07:00:00.0000000Z

2022-06-30T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/282007561082178

The Manila Times