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Philippine shares narrowed losses at the end of the morning session Tuesday after investors cheered Chinas factory output, which eased concerns of a slowdown in the worlds second largest economy.
The bellwether PSEi was down 23.12 points or 0.32 percent to 7,256.74 at the noon close. The All Shares index decreased by 15.17 points or 0.35 percent to 4,297.68.
Investors continued to take profits on select blue chips mainly because of Wall Streets sharp decline, Papa Securities Inc. analyst Freya Natividad told GMA News Online.
Overnight, US stocks closed lower, with the S&P 500 suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy, Reuters reported.
But the report on Chinese factory output helped local share prices recover some losses in early trading, Natividad said.
"There was some re-positioning after the index nearly touched the psychological support of 7,200," she said.
Asian shares recouped early losses on Tuesday while commodities won a break from recent selling pressure after a reading on Chinas massive factory sector outpaced the markets bleak expectations, the wire service said in a separate report.
The bellwether PSEi was down 23.12 points or 0.32 percent to 7,256.74 at the noon close. The All Shares index decreased by 15.17 points or 0.35 percent to 4,297.68.
Investors continued to take profits on select blue chips mainly because of Wall Streets sharp decline, Papa Securities Inc. analyst Freya Natividad told GMA News Online.
Overnight, US stocks closed lower, with the S&P 500 suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy, Reuters reported.
But the report on Chinese factory output helped local share prices recover some losses in early trading, Natividad said.
"There was some re-positioning after the index nearly touched the psychological support of 7,200," she said.
Asian shares recouped early losses on Tuesday while commodities won a break from recent selling pressure after a reading on Chinas massive factory sector outpaced the markets bleak expectations, the wire service said in a separate report.