The stock market fell for the third straight day Wednesday on further consolidation, led by some blue chips.
The Philippine Stock Exchange Index shed 37.85 points, or 0.5 percent, to 8,254.03 on a value turnover of P18.7 billion. Losers beat gainers, 104 to 85, with 51 issues unchanged.
Jollibee Foods Corp., the biggest fastfood chain, tumbled 3.3 percent to P243.60, while major property developer Ayala Land Inc. dropped 2.7 percent to P42.80.
Aboitiz Equity Ventures Inc., which is into power generation and distribution, banking, flour milling, infrastructure and ship building, sank 4.7 percent to P70, while JG Summit Holdings Inc. of industrialist John Gokongwei lost 2.4 percent to P68.80
Asian traders, meanwhile, stayed cautious Wednesday despite fresh records on Wall Street as Donald Trump’s tax-cut plans moved a step closer, while the pound extended gains on reports of a breakthrough in Brexit talks.
The weaker yen helped the Nikkei end 0.5 percent higher, while Sydney also added 0.5 percent. Wellington and Taipei also edged up.
Ongoing worries about China’s crackdown on risky and speculative trading dragged Hong Kong 0.1 percent down in the afternoon but Shanghai recovered from early losses to end 0.1 percent higher.
Seoul and Singapore each dropped 0.1 percent.
While markets were mixed, investors brushed off early worries about North Korea’s latest missile test. Bitcoin continued its surge to break the $10,000 mark for the first time.
New York traders cheered a forecast-beating US consumer confidence survey and news that a key senate committee agreed to a fiscal overhaul plan late Tuesday, fueling a rally to new records on the city’s three main indexes.
The move allows Trump’s much-vaunted proposals to be debated on the floor of the upper chamber, a relief to many who had feared opposition from some Republicans would kill it.
Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers, said the agreement “is a significant milestone and the chances of a negotiated version being implemented this year is likely.”
“There is a lot of optimism being priced in currently,” he said, but warned that “delays or a rejection of the bill will result in a sharp correction in December”.
The dollar rallied in US trade on the news and managed to hold its gains in Asia, buying 111.48 yen after having dipped below 111 yen at one point Tuesday. But seemingly dovish comments from Trump’s choice to head the Federal Reserve kept it from surging.
The stock market fell for the third straight day Wednesday on further consolidation, led by some blue chips.
The Philippine Stock Exchange Index shed 37.85 points, or 0.5 percent, to 8,254.03 on a value turnover of P18.7 billion. Losers beat gainers, 104 to 85, with 51 issues unchanged.
Jollibee Foods Corp., the biggest fastfood chain, tumbled 3.3 percent to P243.60, while major property developer Ayala Land Inc. dropped 2.7 percent to P42.80.
Aboitiz Equity Ventures Inc., which is into power generation and distribution, banking, flour milling, infrastructure and ship building, sank 4.7 percent to P70, while JG Summit Holdings Inc. of industrialist John Gokongwei lost 2.4 percent to P68.80
Asian traders, meanwhile, stayed cautious Wednesday despite fresh records on Wall Street as Donald Trump’s tax-cut plans moved a step closer, while the pound extended gains on reports of a breakthrough in Brexit talks.
The weaker yen helped the Nikkei end 0.5 percent higher, while Sydney also added 0.5 percent. Wellington and Taipei also edged up.
Ongoing worries about China’s crackdown on risky and speculative trading dragged Hong Kong 0.1 percent down in the afternoon but Shanghai recovered from early losses to end 0.1 percent higher.
Seoul and Singapore each dropped 0.1 percent.
While markets were mixed, investors brushed off early worries about North Korea’s latest missile test. Bitcoin continued its surge to break the $10,000 mark for the first time.
New York traders cheered a forecast-beating US consumer confidence survey and news that a key senate committee agreed to a fiscal overhaul plan late Tuesday, fueling a rally to new records on the city’s three main indexes.
The move allows Trump’s much-vaunted proposals to be debated on the floor of the upper chamber, a relief to many who had feared opposition from some Republicans would kill it.
Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers, said the agreement “is a significant milestone and the chances of a negotiated version being implemented this year is likely.”
“There is a lot of optimism being priced in currently,” he said, but warned that “delays or a rejection of the bill will result in a sharp correction in December”.
The dollar rallied in US trade on the news and managed to hold its gains in Asia, buying 111.48 yen after having dipped below 111 yen at one point Tuesday. But seemingly dovish comments from Trump’s choice to head the Federal Reserve kept it from surging. With AFP