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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

Stocks decline on profit taking, weak China data

August 9, 2023By BusinessWorld
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Local equities declined on Tuesday due to profit-taking and as sentiment was affected by weak China trade data, with investors also awaiting the release of US consumer inflation and Philippine gross domestic product (GDP) reports.

The Philippine Stock Exchange index (PSEi) fell by 34.81 points or 0.53% to close at 6,472.97 on Tuesday, while the broader all shares index went down by 12.81 points or 0.36% to end at 3,461.11.

“The local bourse dropped by 34.81 points to 6,472.97 while investors await some key economic data to be released this week. China’s disappointing trade data weighed on sentiment as well. Investors will be waiting for the US’ July inflation rate and the Philippines’ GDP growth in the second quarter,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

July US consumer price index and Philippine second quarter gross domestic product data will be released on Thursday, Aug. 10.

“China saw a 14.5% [year-on-year] drop in exports while imports also dropped by 12.4%, which are both worse than expectations. This brought negative sentiment, especially to the Philippines as China is one of our top trading partners,” Ms. Alviar added.

Stocks dropped on profit taking following “disappointing” China data, China Bank Capital Corp. Managing Director Juan Paolo E. Colet likewise said.

“The PSEi’s performance also tracked many Asian markets lower given the latest sign of China’s economic slowdown,” Mr. Colet added.

Asian share markets were mostly weaker on Tuesday, but the dollar strode higher as investors digested weaker Chinese trade data ahead of key inflation readings from China and the United States due later this week, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7%, after US stocks ended the previous session with mild gains.

The index is down 2.9% so far this month.

US stock futures, the S&P 500 e-minis were down 0.21% at 4,528.30.

Back home, sectoral indices fell on Tuesday except for services, which rose by 8.49 points or 0.54% to 1,569.33 and industrials, which went up by 6.17 points or 0.06% to 9,133.79.

Meanwhile, holding firms declined by 58.12 points or 0.93% to 6,145.07; financials went down by 17.30 points or 0.9% to 1,893.23; property fell by 3.25 points or 0.11% to 2,734.95; and mining and oil slipped by 0.17 point to 10,167.07.

Value turnover rose to PHP 4.58 billion on Tuesday with 622.67 million shares changing hands from the PHP 3.26 billion with 578.13 million issues seen on Monday.

Decliners outnumbered advancers, 91 versus 72, while 66 names closed unchanged.

Net foreign selling declined to PHP 165.06 million on Tuesday from PHP 399.3 million on Monday. — A.H. Halili with Reuters

This article originally appeared on bworldonline.com

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