PH equities retreat as US posts 2nd quarter of unfavorable progress

Philippine shares pulled again on Friday as cautious traders booked positive aspects after the US financial system contracted for a second consecutive quarter.

The benchmark Philippine Inventory Alternate index (PSEi) sank 0.99 %, or 63.33 factors, to six,315.93 whereas the broader All Shares index shed 0.76 %, or 26.14 factors, to three,398.82.

“Philippine shares had been offered to shut the month after successive cut price looking session, as they turned cautious of the unfavorable US [gross domestic product] studying,” Luis Gerardo Limlingan, head of gross sales at inventory brokerage home Regina Capital Growth, stated in a notice to traders on Friday.

Moreover, the PSEi was weighed down by Manila Electrical Co.’s (Meralc…

Carry on studying: PH equities retreat as US posts 2nd quarter of negative growth

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