The stock market retreats into inflation, fears of trade war

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PSE BGC bells "title =" PSE BGC bells "/> </div> </p></div> <p> The MAIN INDEX marked its second day of decline on Friday as investors continued to recover from higher inflation than expected in June .The analysts also noted that the local market has been covered by the US duties on the $ 34 billion of Chinese imports, triggering a real trade war between the two countries of the world. Philippine Fellow (PSEi) yielded 46.86 points or 0.64% to close 7,186.71, a decrease of 0.097% from the week of June 29. – While the index of all shares fell 20.28 points or 0.46 points to end at 4,387.34. </p> <p> Friday marked the second consecutive day of net sales abroad and saw four of the six sector indices end up lower </p> <p> <b> 19659007] RCBC Se Curities, Inc. noted in its <i> Stock Market Weekend Recap </i> Friday that "Philippine shares have remained down … following yesterday's publication of inflation higher than expected by 5.2% in June" – a spike of five They have maintained their ascendancy for six months in a row and have marked the fourth consecutive month that general price increases have reached Bangko Sentral ng Pilipinas' (BSP) target range of 2-4% for 2018. June's inflation broke through the 4.3-5.1% range estimated by the BSP Economic Research Department for that month, the Ministry of Finance's estimate of 4.9% and the median 4.7% survey of private sector economists <i> BusinessWorld </i> </p> <p> June inflation hit the pace of the last half at 4.3%, a bit higher than the range BSP target for the entire year, although below 4.5% in 2018. </p> <p> Luis A. Limlingan Developmemt Corp., noted in a phone message Mobile that "the Philippine markets have started at a good time before a little recovery weakens the impact, while investors are now wondering how a possible 50 basis point rate hike would affect inflation The BSP Monetary Board raised interest rates by 25 basis points each on May 10 and 20 for the first time. This has been the case for almost four years, but many economists agree that interest rates are higher than expected. The statement by BSP governor Nestor A. Espenilla, Jr., described by Ernesto M. Pernia, Secretary of Social and Economic Planning, as "undesirable" as "undesirable", left at least another rate hike this year. </p> <p> million. Limlingan noted "[a] also the mood was bearish with trade tensions between China and the United States … President Trump confirming that tariffs were to be applied", while Jervin S. De Celis, stock trader at Timson Securities, "</p> <p> "However, the receipt of market news is a bit warmer than expected, and the market may have taken this news into account since the start of the trade crisis a few weeks ago," De Celis, quoted by the Reuters Agency (19659003). remove the rights to automobiles, because the trade line between the United States and China "had already been integrated into the stocks". The Dow Jones Industrial Average climbed 0.75% to 24,356.74, the Nasdaq composite index of 1.85% to 7,586.43 and the S & P 500 index of 0.86% at 2,736.61. </p> <p> Other Asian markets followed, such as the Japanese Nikkei 225 1.12% to 21.788.14) and TOPIX (+ 0.92% to 1691.54), the Hang Seng index of Hong Kong (+ 0, 47% to 28,315.62), the Shanghai SE Composite Index (+ 0.46% to 2,746,482) and the blue-chip Shanghai-Shenzhen CSI 300 indices (+ 0.68% to 3,365.12). </p> <p> <b> FOREIGNERS SELL </b><br /> At home, four sector indices closed lower: ownership of 45.59 points or 1.26% to 3,552.52 holding companies of 79.75 points or 1.12 % at 7,021.25, mining and oil 69,68 points or 0.72% to 9,598.20 and financial 4.24 points or 0.23% to 1,771.79 </p> <p> Only two sub-indices earned: services by 5.10 points or 0.36% to 1414.16 and industrials by 4.37 points or 0.04% </p> <p> Inventories that declined were nearly double those that grew between 127 and 65, while 45 numbers were unchanged. </p> <p> Friday's Top 20 list of 14 titles in free fall – led by Megawide Construction Corp. (down 3.71% to 1919); Metropolitan Bank & Trust Co. (down 2.79% to P69.75 each); Ayala Land, Inc. (down 2.39% at P36.70) and Bloomberry Resorts Corp. (down 2.39% to P9.80 each) – and five who won, led by companies like Now Corp. (up 6.74% at P9 66 pieces); Manila Electric Co. (2.29% to P358) and Bank of the Philippines (up 1.39% to P87.50 each). </p> <p> Foreigners remained mainly sellers for the second consecutive day, with Friday marked by 637.981 million p The sale abroad was 21.59% higher than Thursday at 524.714 million, gross purchases having fallen 23.63% to P2.289 billion against P2.997 billion and total sales of 16.89% to P2.927 billion against P3.522 billion. </p> <p> million. From Celis, of Timson Securities, said that for the next few days, there will be no sign of return for foreign investors as they evaluate the impact of commercial rates on overall economic performance developed countries. . "- <i> with </i> <b> JCL </b></p> <footer> </footer></div> </pre> </pre> [ad_2] <br /><a href=Source link

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