PSEi down for 2nd day on thin trade
MANILA, Philippines - The Philippine Stock Exchange index is down for a second day on thin trade.
Foreign fund outflows are now at multi-year highs.
Some analysts warn the anti-monopoly case against the PDEx, which handles clearing and depositary services for the PSE, could spark even more outflows from Philippine markets.
The index fell 0.15% to 5,959.22. Among the day's losers are Ayala Land, which fell 2.72% to P25; Metrobank, which dropped 1.75% to P78.60; and Security Bank, which is also down 1.62% to P115.10.
At the foreign exchange market, the peso weakened by 11 centavos, closing at P44.54 against the dollar.
Asian stocks rise after US Fed economy report
Asian markets mostly rose on Thursday, following an upbeat Federal Reserve report on the US economy and positive European growth data, but gains were capped by profit-taking and lingering concerns over Syria.
While a positive outlook has lifted sentiment, helping the dollar rise above 100 yen, traders remain on edge about the Fed's plans for its stimulus programme, with concerns it will soon start a wind-down.
Tokyo closed flat, edging up 10.95 points to 14,064.82, with little reaction after the Bank of Japan upgraded its assessment of the world's number three economy. Seoul finished up 0.96 percent, or 18.62 points, at 1,951.65, while Hong Kong rose 1.22 percent, or 271.75 points, to 22,597.97.
Sydney slipped 0.37 percent, or 19.1 points, to 5,142.5 while Shanghai was down 0.24 percent, giving up 5.19 points to 2,122.43.
The Fed's Beige Book report into the state of the world's top economy showed consumer spending and manufacturing has risen in most of the 12 regions in the United States while job creation was steady or improving.
"The US Fed's Beige Book was reassuring for investors who continue to harbour doubts about the pace and quality of the economic recovery," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.
Wednesday's study came out a day after data showed US manufacturing activity had picked up pace in August.
On Wall Street, the Dow rose 0.65 percent, the S&P 500 added 0.81 percent and the Nasdaq climbed 1.01 percent. US shares were given an extra boost after a strong set of auto sales for August.
However, economists fear for emerging markets as the results will provide the Fed with more evidence the US economy can stand on its own and does not need the vast stimulus that has been in place since September last year.
Expectations of an end to the Fed's bond-buying has seen foreigners pull their cash out of emerging markets as they repatriate to the West where investments look safer and more rewarding.
Global markets rallied at the start of the week after a batch of results around the world, including manufacturing data from China and Europe, which showed activity sharply higher.
And on Wednesday figures confirmed the eurozone had emerged from an 18-month recession in the second quarter, providing fresh evidence it is slowly putting its long-running debt crisis behind it.
The Eurostat statistics agency said in its second estimate that the 17-nation bloc grew 0.3 percent in the three months to June, with a contraction of 0.2 percent in the first quarter.
In currency trade, the dollar broke past 100 yen for the first time since July, sitting at 100.07 yen, compared with 99.74 yen in New York Wednesday.
The euro bought $1.3175 and 131.67 yen compared with $1.3204 and 131.70 yen.
However, investors were broadly unmoved by the Bank of Japan's decision to hold pat on any new measures to boost the economy.
Trade remains edgy with dealers keeping an eye on the Syria crisis as US President Barack Obama tries to win backing from Congress for a military strike on the Assad regime after its alleged use of chemical weapons.
Obama cleared the first hurdle Wednesday as a key Senate panel gave its backing to the White House's plan for a limited response. The president hopes to get approval from lawmakers in a vote next week.
On oil markets New York's main contract, West Texas Intermediate for delivery in October, gained 59 cents to $107.82, while Brent North Sea crude for October gained 26 cents to $115.27.
Gold cost $1,387.97 an ounce at 0800 GMT, up from $1,402.57 late Wednesday. - With ANC and Agence France-Presse