Philippine stocks buck global downtrend

MANILA, Philippines – Philippine share prices managed to climb yesterday despite a global selloff brought about by the sharp decline in Chinese stocks, analysts said.

The Philippine Stock Exchange index (PSEi) inched up 1.71 points, or 0.03 percent, to finish at 6,835.13, while the broader All Shares index tumbled 4.98 points, or 0.13 percent, to settle at 3,925.81.

Astro del Castillo, managing director at First Grade Finance  Inc., said investors continue to be jittery over the spate of bad news from China and lingering tensions from the Middle East.

 “There were no fireworks again today in the market. There was a bit of a rally when inflation came out but fizzled out. Investors remain wary on China and the Middle East conflict,” del Castillo said.

Value turnover during yesterday’s trading stood at P3.986 billion. Decliners edged out advancers, 97 to 73, while 40 stocks were left unchanged.  

Across Asia,   shares retreated in choppy trade, led by Chinese stocks, whose early rebound fizzled out as investors remained unconvinced by Beijing’s moves to restore market confidence following a disastrous start to the new year.

After a seven percent plunge in Chinese stocks on Monday, the Shanghai Composite index   swung between positive and negative territory before closing down 0.3 percent.

The CSI300 index   of the largest listed companies in Shanghai and Shenzhen ended the day up 0.3 percent.

Still, the volatility weighed on the rest of the region, with MSCI’s broadest index of Asia-Pacific shares outside Japan edging down 0.3 percent after a brief stint in positive territory.