Lo­cal mar­kets pull back in mid­week trad­ing

Sun.Star Davao - - BUSINESS - /PNA

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.

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