The stock market slightly fell Friday on mild profit taking as investors start digesting the gross domestic product figures released by the government Thursday.
The Philippine Stock Exchange Index slipped 11.70 points, or 0.1 percent, to 8,053.20 on a value turnover of P7.9 billion. Gainers, however, beat losers, 101 to 87, with 50 issues unchanged.
Aboitiz Equity Ventures Inc., which is into power generation and distribution, banking, infrastructure and consumer goods, declined 4.2 percent to P62.30, while Manila Electric Co., the biggest retailer of electricity, lost 2.1 percent to P372.
Premiere Horizon Alliance Corp., which is into property development and mining, surged 16.7 percent to P1.05, while PLDT Inc., the largest telecommunications company, rose 3.3 percent to P1,328.
The government reported Thursday that the economy grew 6.2 percent in 2018, slower than 6.7 percent a year ago and missing the government’s official target range of 6.5 percent to 6.9 percent for the year, pulled down by the sluggish agriculture sector and higher inflation rate.
The rest of Asian markets, meanwhile, rose Friday putting them on course to end a shaky week on a positive note as investors look ahead to crucial trade talks between China and the United States at the end of the month.
Hong Kong jumped 1.7 percent and Shanghai ended up 0.4 percent while Tokyo closed one percent higher.
Sydney jumped 0.7 percent, Singapore gained 0.5 percent and Seoul was 1.5 percent higher. Taipei was 0.9 percent up, while Wellington and Jakarta also made healthy advances.
Small signs of a break in the impasse on Capitol Hill also provided some hope, with Democrats and Republicans meeting to end the month-long government shutdown that is taking its toll on the economy and has left hundreds of thousands of workers unpaid.
Wall Street provided a mixed lead, though the technology sector was supported by strong earnings from US semiconductor firms such as Texas Instruments, while energy firms tracked healthy gains in oil prices.
There are hopes that next week’s meeting in Washington between top Chinese and US officials will see some progress, but Commerce Secretary Wilbur Ross looked to temper expectations Thursday by saying the two sides are “miles and miles” from resolving their trade war.
However, he still offered some hope, saying: “I believe China would like to make a deal. I believe we would like to make a deal but it has to be a deal that works for both parties.
“I’m trying to say people shouldn’t think the events of next week will be the solution to all of the issues between the United States and China.”
Edward Moya, a market analyst at OANDA, pointed out that US markets were niggled by the “miles away” comment, but said that “many failed to focus on the rest of his comments that there is a fair chance a deal will get done, just not this week.”
In Washington, two bills to end the shutdown were thrown out by the senate but the president signaled he could back a “reasonable” proposal that includes border security. With AFP
