PSEi slips amid mixed Q1 earnings

Philippine stocks waned anew on Wednesday as investors remained wary over the lingering conflict between the United States and Iran, while also digesting mixed first-quarter corporate earnings results.

The benchmark Philippine Stock Exchange index (PSEi) dropped 0.42 percent or 25.20 points to close at 5,946.78, extending its decline for another trading session.

According to Philstocks Financial research manager Japhet Tantiangco, investors continued to grapple with uncertainties surrounding the US-Iran situation as both sides remained without a peace deal.

Market participants were likewise watching for developments in the ongoing US-China talks.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said the PSEi ended lower as investors adjusted positions following the MSCI Philippines Index rebalancing.

“Selling pressure weighed on select stocks, keeping overall market sentiment cautious. Investors also remained reactive to ongoing earnings releases, driving selective trading across the market,” Limlingan said.

Despite the decline, trading remained active, with net value turnover reaching P7.34 billion.

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Foreign investors provided some support to the market after ending the session as net buyers, with inflows amounting to P284.85 million.

Among sectoral indices, only the banks managed to finish in positive territory, gaining 0.81 percent. Industrials suffered the steepest decline after shedding 1.64 percent.

Universal Robina Corp. emerged as the day’s top index gainer, climbing 2.98 percent to P62.30 per share.