spot_img
27.5 C
Philippines
Friday, March 29, 2024

Market declines slightly; Metro Pacific, Ayala rise

- Advertisement -

Stocks retreated Friday on mild profit taking and mixed trading, as investors turned cautious after the virus spiked in several places including Beijing, Tokyo, Germany, Florida and Texas.

The Philippine Stock Exchange Index slipped 33.38 points, or 0.5 percent, to 6,315.07 on a value turnover of P13.4 billion. Losers edged gainers, 101 to 89, with 54 issues unchanged.

Manila Electric Co., the biggest retailer of electricity, fell 4.2 percent to P265, while Intternational Container Terminal Services Inc., the largest port operator and owned by tycoon Enrique Razon Jr., declined 3 percent to P98.

Metro Pacific Investments Corp., which is into toll roads, water and electricity distribution, hospitals infrastructure, advanced 5.6 percent to P3.79, while conglomerate Ayala Corp. rose 2.3 percent to P808.50.

The rest of Asian equities rose Friday as investors went into the weekend on an upbeat note, with an eye on the easing of lockdowns and mostly improving economic data, which offset geopolitical tensions and second wave worries.

- Advertisement -

Reports that China pledged to ramp up its purchase of US agricultural goods as part of its phase one trade deal also provided support to investors.

After a slow start to the day, Asian markets pushed higher to end the week on a healthy note.

Hong Kong was up more than one percent, Shanghai finished one percent higher and Tokyo put on 0.6 percent, while Sydney edged 0.1 percent higher.

Mumbai jumped 0.9 percent, Seoul added 0.4 percent and Jakarta and Wellington were 0.3 percent stronger, though Singapore slipped.

After three months of big gains across the planet—fueled by the reopening of economies as well as trillions of dollars in government and central bank support—markets appear to be leveling out as investors await the next major catalyst, such as a vaccine.

But, while countries continue to ease business and jobs-destroying containment measures the virus is spiking in several places including Beijing, Tokyo, Germany, Florida and Texas.

“Concerns over the spread of COVID-19 in some US states in particular where hospitalization rates are rising, and also following the recent outbreak in Beijing, continue to cast something of a pall over markets,” said Ray Attrill at National Australia Bank.

Adding to the unease are simmering tensions between the two Koreas as well as China and India following a deadly border skirmish this week in the Himalayas.

Donald Trump provided fresh uncertainty Thursday by tweeting that the US “certainly does maintain a policy option, under various conditions, of a complete decoupling from China. Thank you!”

The message came a day after his trade representative and China hawk Robert Lighthizer told a congressional committee that China so far has been living up to the terms of a “phase one” agreement that eased the dispute, and that decoupling the two economic giants was now impossible.

While observers see it unlikely the superpowers would break off all economic activity, the comments were the latest volley from Trump over China as he aims for re-election in November.

However, Bloomberg News said Friday that Beijing planned to boost its imports of farm goods including soybeans and corn from the US, easing concerns about the trade pact signed in January, which had been called into question owing to rising tensions between the superpowers. With AFP

- Advertisement -

LATEST NEWS

Popular Articles