MANILA, Sept.7 (PNA) — The benchmark Philippine Stock Exchange index (PSEi) returned to the 6,900 mark on Monday as the market tracked developments in the United States and Europe after China’s revision of its 2014 growth estimate.
The PSEi retreated 124.96 points or 1.77 percent to 6,926.82 from Friday’s 7,051.78 finish.
”At the resumption trading sentiment was further dragged by China’s revision of its growth target putting even more uncertainty on the table — or at least a re-visitation of the premises underlining the targets,” said Jun Calaycay of Accord Capital Equities Corp.
The world’s second largest economy has revised slightly its last year’s gross domestic product (GDP) estimate from 7.4 percent to 7.3 percent due to a weaker-than-reported contribution from the service sector.
At home, all counters lost significantly led by holding firms that slumped 2.005 percent.
Trading volume reached 1.23 billion shares valued at PhP4.06 billion.
Decliners swamped advancers, 131 to 36, while 42 issues were unchanged. (PNA)