PSEi dived to 7,500 on MSCI rebalancing, US-NoKor meet
Credit to Author: The Manila Times| Date: Fri, 01 Mar 2019 05:40:52 +0000
THE stock market fell further in early trading on Friday as investor sentiment was dampened by global risks coupled with the MSCI rebalancing, which took effect today, Friday.
At the noon break, the benchmark Philippine Stock Exchange index (PSEi) dropped by 1.42 percent or 109.40 points to 7,596.09 while the wider All Shares declined by 1.31 percent or 62.63 points to 4,707.12.
Philstocks Financial Inc. research associate Piper Chaucer Tan said in a text message that investors repositioned portfolios following the MSCI index rebalancing. The index tracks the performance of mid- and large-cap sectors, and about 85 percent of the free float-adjusted market cap of the index.
Tan also said that sentiment was dampened by worries over the meeting between United States President Donald Trump and his North Korean counterpart Kim Jong Un in Vietnam which was cut short as both parties have not agreed on the removal of US sanctions.
All sectoral results suffered a bloodbath, with the mining and oil index down the most by 2.27 percent. ANGELICA BALLESTEROS
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