Local share prices finished marginally higher yesterday despite a downturn in most Asian markets as investors realigned their portfolio for a shortened trading week.

The Philippine Stock Exchange index (PSEi) closed at 5,973.78 yesterday, up by a modest 11.79 points or 0.19 percent.

Likewise, the broader All Shares index gained by 7.70 points or 0.23 percent to settle at 3,254.17.

A total of P4 billion worth of stocks changed hands yesterday, with advancers outnumbering decliners, 94 to 85, while 50 issues were unchanged.

Yesterday was one of only two trading days for the week. The other is on Nov. 3.

'Philippine stocks closed with minimal changes as the market approaches the holidays,' said Luis Limlingan of Regina Capital.

He said investors are eagerly anticipating forthcoming economic data from the US set to be released on Friday.

Investor focus this week will mainly be on the major central bank meetings, with the US Federal Reserve and Bank of England due to meet.

The US Federal Open Markets Committee (FOMC) convenes later Tuesday for a two-day monetary policy meeting, which is expected to culminate in a decision to let the Fed funds target rate stand at 5.25 to 5.50 percent.

A slew of recent data showed the US economy remains resilient and comments from Fed chair Jerome Powell will be scrutinized to gauge how long interest rates are likely to stay elevated.

Meanwhile, Asian equities slid as disappointing activity data from China revived some worries over the world's second-largest economy, while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.

Data yesterday showed that manufacturing activity unexpectedly returned to contraction in October, casting a cloud over recent indicators that showed a nascent recovery in China.

Nomura analysts said it was still too early to call the bottom, noting that they expect economic conditions to remain poor or even deteriorate further in coming months.

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