Local markets pull back in midweek trading

Manila -- Risk-off sentiment was up in Philippine markets on Wednesday, resulting in a weakening in the main equities gauge and the peso following the big sell-off in US equities, as investors remain uncertain on the outcome of US-China trade talks.

The Philippine Stock Exchange index (PSEi) ended its two-day rally after it lost 0.95 percent, or 73.02 points, to 7,630.90 points.

A trader attributed this to uncertainties amid news that US and China officials have called a temporary truce to make way for discussions to thresh out their trade issues.

Thus, most of the other counters tracked the main gauge led by the All Shares, which fell 0.62 percent, or 28.35 points, to 4,574.16 points.

Holding Firms led the sectors with a decline of 1.40 percent and was followed by the Financials, 0.92 percent; Property, 0.79 percent; and Services, 0.19 percent.

At the other end are Mining and Oil, 0.38 percent; and Industrial, 0.10 percent.

Volume reached 1.66 billion shares amounting to P8.32 billion.

Losers led gainers at 98 to 96 while 34 shares were unchanged.

The peso also ended the day at 52.74 from 52.52 a day ago.

Its weakness showed early on after starting the trade at 52.79 against the 52.515 Tuesday.

It traded between 52.815 and 52.64, resulting in an average of 52.706.

Volume rose to US$1.28 billion from $1.06 billion a day ago.

The currency pair is seen to trade between 52.60 and 52.80 Thursday.