PSEI dips anew as factories slow down

Philippine shares retreated further on Tuesday as investors took profits after last week’s five-session winning streak.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.62 percent, or 39.81 points, to 6,358.96. The broader All Shares Index, meanwhile, slipped by 0.48 percent, or 16.80 points, to close at 3,462.67.

A total of 422.91 million shares worth P3.94 billion changed hands, stock exchange data showed.

The bourse’s decline came on the heels of five consecutive trading days of gains after investors cheered a possible August rate cut.

Claire Alviar, research analyst at Philstocks Financial Inc. also noted that the slight decline in S&P Global Philippines’ manufacturing PMI, which “signified a growth slowdown, weighed on sentiment.”

Investors are likewise trading cautiously ahead of the June inflation data release on Friday, Alviar added.

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Banks registered the steepest decline as index heavyweights BDO Unibank Inc., Metropolitan Bank and Trust Co. and Bank of the Philippine Islands all slipped by more than 1 percent.

Gokongwei-led Universal Robina Corp. was the top-traded stock as it went down by 1.01 percent to P107.30.

It was followed by International Container Terminal Services Inc., up by 0.86 percent to P352; Ayala Corp., down 2.08 percent to P565; SM Investments Corp., down 0.48 percent to P828; and BDO, down 1.15 percent to P128.50 each.