Daily Tribune (Philippines)
Funds exodus weighs on mart
Philippine Stock Exchange index (PSEi) finished the week at 6,494.81, down 45.15 points or 0.69 percent.
Local bourse ended 0.8 percent lower for the week, snapping a two-day win streak. Foreign selling persisted for the ninth straight week and accumulated to P3.8 billion for this week excluding block sales.
Investors flocked back to the US market following strong bank earnings reports and positive economic data releases, signaling accelerating recovery in the world’s largest economy, Regina Capital Development Corp. managing director Luis Limlingan said.
The Philippine Stock
Exchange index (PSEi) finished the week at 6,494.81, down 45.15 points (pts) or 0.69 percent after moving from 6,490.68 to 6,533.56 on 94,263 shares traded worth P4.955 billion.
Oil prices edged slightly lower but remained latched near its 1-month highs, after seeing futures rose following the upward revision in oil demand forecasts. Brent crude advanced 0.54 percent to close at $66.944 per barrel (/bbl). U.S. West Texas Intermediate rose 0.49 percent to $63.43/bbl.
Gold prices jumped as treasury yields dipped the most since February spot gold went up by 1.8 percent to $17,66.50 per ounce. Meanwhile, US gold futures edged 1.8 percent higher at $1,766.80.
China data barely impress
Asian markets fluctuated as record Chinese economic growth figures struggled to add fuel to a Wall Street surge that came on the back of blockbuster reports on US consumer spending and jobless claims.
Officials in Beijing said the world’s second-biggest economy expanded a mind-blowing 18.3 percent in the first quarter, while the data was accompanied by data showing a sharper-than-expected increase in retail sales that gave hope the country’s vast army of consumers are again dipping into their pockets.
However, while the economic growth figure was the highest since records began three decades ago, it was enhanced by its chronically weak comparison figure from last year and came in slightly below forecasts.
Analysts also pointed out that the quarter-on-quarter growth was below estimates.
Asian markets fluctuated as record Chinese economic growth figures struggled to add fuel to a Wall Street surge.