Philippine stocks slip as investors book gains
PHILIPPINE STOCKS slightly fell on Thursday in the absence of a local catalyst, with investors choosing to book their gains at the last minute.
The bellwether Philippine Stock Exchange Index (PSEi) dropped 0.2% or 12.99 points to 6,412.81, while the broader all-share index was unchanged at 3,753.1.
“The local market’s sideways movement ended in negative territory as investors decided to book gains in the final minutes of trading,” Japhet Louis O. Tantiangco, a senior research analyst at Philstocks Financial, Inc., said in a Viber message.
“Lack of positive local catalysts caused investors to exit the market. Global trade uncertainties also continued to weigh on market sentiment,” he added.
On Wednesday, the US Court of International Trade blocked most of President Donald J. Trump’s reciprocal tariffs, saying he had overstepped his authority by implementing across-the-board duties on imports from the country’s trading partners.
The court said the US Constitution grants exclusive authority to Congress to regulate commerce with other countries not overridden by the president’s emergency powers to protect the economy.
Mr. Trump had said that the tariffs would help bring back factory jobs to the US and help generate revenue to bring down federal budget deficits.
“The PSEi slipped as investor sentiment turned cautious amid fading optimism over United States-European Union trade talks and heightened geopolitical risks,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message.
Most sectoral indexes closed lower. Mining and oil fell 1.81% or 178.12 points to 9,612.65, while financials dropped 0.58% or 14.1 points to 2,413.77.
Holding firms retreated 0.4% or 22.11 points to 5,439.79, while property lost 0.32% or 7.36 points to 2,247.7.
On the other hand, industrials rose 0.55% or 49.22 points to 8,940.1, while services gained 0.49% or 10.66 points to 2,154.34.
Value turnover shrank to P4.84 billion covering 690.76 million shares from P6.3 billion covering 601.1 million shares on Wednesday.
Losers beat winners 92 to 89, while 61 stocks were unchanged.
Net foreign selling reached P179.92 million, a reversal of the P687.36 million worth of net foreign inflows on Wednesday. — Revin Mikhael D. Ochave
