Index eases ahead of Trump inauguration

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) closed the week on a sour note ahead of US president-elect Donald Trump’s inauguration.

The benchmark PSEi eased 0.18 percent or 13.42 points to settle at 7,232.66, marking its third out of five sessions in the red this week.

The broader All Shares index, meanwhile, improved .07 percent or 3.42 points to close at 4,365.63.

“The market followed the US counterparts which were slightly down. Everyone is waiting on the inauguration of president-elect Trump,” Luis Limlingan, managing director at Regina Capital Development Corp., said.

Trump officially took his post as the 45th president of the US late Friday.

Trump becoming the most powerful man in the world has brought uncertainties to markets globally given his earlier controversial and protectionist pronouncements.

Net foreign buying was at P120.9 million yesterday.

Local counters were mixed with those in the green having the slight edge. Property posted the biggest gain at 1.09 percent while industrial suffered the largest drop at 1.18 percent.

Advancers outperformed decliners, 94 to 84, while 45 stocks did not change. Value turnover stayed at the P5 billion level, specifically ending at P5.69 billion.