Philippine Market Recap Feb 22, 2019

in philippines •  6 years ago 

Market Recap

Share prices on the Philippine Stock Exchange (PSE) were on cautious footing following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States.

The bellwether PSEi gained 30.83 points or 0.39% to 7,962.13 at the close. The broader All Shares added 26.83 points or 0.55% to 4,883.83.

Investors continue to closely watch high-level talks between US and Chinese trade negotiators in Washington, with little more than a week left before a US-imposed deadline for an agreement expires, triggering higher tariffs.

The two sides were drafting language for six memorandums of understanding on proposed Chinese reforms, progress that had helped to lift investor sentiment.

But shares on Wall Street slumped Thursday, pulled down by new data showing weakness in US business spending plans and factory activity.

The US Commerce Department said on Thursday that domestic orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.7%.

Moreover, the US Mid-Atlantic factory sector fell into contraction territory in February for the first time since May 2016, data from the Philadelphia Federal Reserve showed.

While global manufacturing is weak, services activity is looking more positive. But it is difficult to see manufacturing and services diverging for long.

There are strong multiplier effects from manufacturing that imply downside risks to the services sector, particularly in Europe. And trade uncertainty, which is overhanging the manufacturing sector, needs to be resolved.

More than 1.508-bil shares, valued at P8.014-bil, changed hands. Market breadth was negative as decliners outnumbered advancers, 97 to 89, and 54 issues were unchanged.

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