Psei down on lowered forecast, profit-takinghome/Business/Top Business/Psei down on lowered forecast, profit-takingTHE stock market retreated on Thursday as investor sentiment was dented by another cut in the country’s economic growth forecast, while profit-taking broke four consecutive days of gains. The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.14 percent or 11.04 points to close at 7,804.03, while the wider All Shares declined by 0.26 percent or 12.59 points to end at 4,809.26. Brokerage firm Philstocks Financial Inc. said the decision of Fitch Solutions to downgrade its economic growth outlook had dampened sentiment. In the US, the Dow Jones dropped by 0.39 percent, the S&P500 decreased 0.28 percent and the Nasdaq shed 0.45 percent. In Manila, only the mining and oil and property indices increased, up 0.05 percent and 0.39 percent, respectively.

Source: Manila Times May 23, 2019 16:25 UTC