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Business

Stock market ends the week in the red

Jovan Cerda - The Philippine Star
August 2, 2013 | 7:08pm
MANILA, Philippines - Developments in the United States Federal Reserve and slowdown in China caused the Philippine Stock Exchange index (PSEi) to cap the week in the red, returning to the 6,500-level on Friday.

The bellwether PSEi shed 127.49 points to close at 6,533.95, 1.91 percent lower than the previous day's 6,661.44.

"External events such as the Fed (Reserve) tapering and China slowdown weighted on investor sentiments causing a risk-off,” Jonathan Ravelas, Banco de Oro Unibank analyst said.

He added that the index now points to a test towards the 6,000 to 6,350 levels.

Transaction volume hit 1.15 billion with shares valued at P14.98 billion.

Decliners outpaced gainers, 119 to 32, while 40 issues stayed the same.

BILLION

CHINA

INDEX

JONATHAN RAVELAS

ORO UNIBANK

PHILIPPINE STOCK EXCHANGE

POINTS

PSEI

RESERVE

UNITED STATES FEDERAL RESERVE
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