Stocks edge lower on last-minute profit taking

PHILIPPINE SHARES inched down on Tuesday on last-minute profit taking and as concerns over the economy continued to affect market sentiment.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.03% or 2.34 points to end at 6,055.68, while the broader all shares index decreased by 0.1% or 3.57 points to 3,452.26.

“The local market was in the positive territory for the most part of the day, carried by hopes of another Bangko Sentral ng Pilipinas (BSP) rate cut next year. However, last-minute profit taking sent the local market lower by the close,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“The local bourse ended lower as profit taking emerged following a series of sessions in the green. Sentiment was weighed down by recent reports pointing to a softer growth outlook,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Concerns over slower remittance growth also added pressure to the market.”

The BSP last week lowered benchmark rates by 25 basis points (bps) for a fifth meeting in a row to bring the policy rate to 4.5%. It has now delivered 200 bps in reductions since starting its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said that the central bank has room for one last 25-bp cut next year as the inflation outlook remains benign and with the economy’s recovery likely to take longer than expected.

Meanwhile, cash remittances coursed through banks climbed 3% to $3.171 billion in October from $3.079 billion in the same month last year, the BSP reported on Monday. This was the slowest growth since May’s 2.9%.

For the first 10 months of 2025, cash remittances reached $29.202 billion, up 3.2% from the $28.304 billion seen a year ago. This is slightly faster than the BSP’s 3% full-year growth forecast.

Most sectoral indices ended lower on Tuesday. Mining and oil dropped by 1.56% or 226.78 points to 14,259.01; services retreated by 1.83% or 44.64 points to 2,384.9; holding firms went down by 0.25% or 12.00 points to 4,712.23; and industrials declined by 0.21% or 18.97 points to 8,668.27.

Meanwhile, financials rose by 1.64% or 33.03 points to 2,036.64, and property went up by 0.75% or 17.30 points to 2,312.53.

“ACEN Corp. was the day’s top index gainer, climbing 4.04% to P2.83. DigiPlus Interactive Corp. was the worst index performer, dropping 3.83% to P16.58,” Mr. Tantiangco said.

Decliners outnumbered advancers, 101 to 81, while 57 names closed unchanged.

Value turnover went up to P7.69 billion on Tuesday with 1.66 billion shares traded from the P6.41 billion with 749.33 million issues dealt on Monday.

Net foreign selling went up to P399.92 million from P348.5 million. — Alexandria Grace C. Magno