Index eases as market awaits GDP data

Share prices declined yesterday after Monday’s rally as investors decided to wait on the sidelines ahead of the scheduled full-year 2016 economic report.

The benchmark Philippine Stock Exchange index ( PSEi), tumbled 3.70 points or 0.05 percent to finish at 7,370.65. On the other hand, the broader All Shares index gained 1.16 points or 0.03 percent to close at 4,427.30.

Most of the sectoral indexes closed in positive territory with only the financials and the property sectors, closing in the red.

Despite the decline in the benchmark index, total value turnover remained significant at P7.886 billion as advancing stocks outnumbered decliners, 97 to 86 while 49 stocks were left unchanged.

Foreign buying totaled P3.340 billion against foreign selling of P4.163 billion.

Elsewhere in the region, Asian stocks were down amid uncertainty over US President Donald Trump’s policies.

Trump formally withdrew the US from the Trans-Pacific Partnership trade deal, distancing America from its Asian allies.

The Nikkei was down 103.04 points while the Shanghai index rose 6.32 points.

“The die is cast... President Trump has set in motion the fulfillment of his campaign promises – a cause for worry today as it was back then in the campaign trail. Regardless of how anyone considers the new White House occupant, his decisions are the realities not only the Americans, but the entire global community now faces up to and live with,” said Justino Calaycay of A&A Securities.