Market Recap
The local stock barometer pulled back sharply dragged by profit-taking and as rising bond yields curbed risk-taking across regional markets.
The bellwether PSEi fell 107.04 points or 1.20% to close at 8,813.25. The broader All Shares lost 42.76 points or 0.83% to 5,101.41.
Weakness in regional markets which may be due to news that China will no longer increase its US bond investments, dragged the local bourse back to the 8,800 level.
China, the biggest foreign holder of US Treasuries, could slow down or stop buying government bonds.
The correction was more or less expected as the market has already been trading strongly on an upward trend from the last few days of 2017 up until these early weeks of 2018.
The main index soared to reach a new all-time high of 8,923.72 on Tuesday, driven by positive sentiment from overseas markets.
A healthy correction is expected until next week, before a bounce upwards once Q4 and full-year 2017 Philippine gross domestic product (GDP) figures are released.
The Philippine Statistics Authority (PSA) is scheduled to release Q4 and full-year 2017 GDP figures in two weeks.
More than 919.102-mill shares, valued at P7.744-bil, changed hands. Decliners led advancers, 120 to 88, and 54 issues were unchanged.
Gainers: GTCAP (+4.92%), SMC (+3.13%), PCOR (+0.98%), AP (+0.60%), FGEN (+0.50%)
Laggards: TEL (-3.45%), MPI (-3.22%), ALI (-2.85%), JGS (-2.84%), MER (-2.69%)
#teamphilippines
#stockmarket
#money
#PSEi
Follow me for more news about stock market and crypto market!
Mark S.
Stock Trader and Crypto Trader