PSEi ends 3-day win streak; investors digest US-PH tariff deal
The local stock barometer ended its three-day upswing on Thursday as the market digested the provisions of the latest Philippine-United States tariff agreement.
The main-share Philippine Stock Exchange Index (PSEi) shed 18.09 points or 0.28 percent to close at 6,444.16.
“By the looks of it, market is still wary of the possible effects of global trade developments here in the country as the Philippine government said that the tariff negotiation with the US is not finished yet,” said Luis Gerardo Limlingan, head of sales at Regina Capital Development.
“Moreover, investors are also cautious about the trade developments in other countries that might affect the Philippine market,” Limlingan said.
While some investors are seemingly waiting for fresh catalysts to emerge, Limlingan noted that Wall Street was hitting records while key indices S&P 500, Dow Jones and Nasdaq were all climbing.
“This was largely fueled by a trade agreement with Japan, easing tariff concerns, alongside positive corporate earnings reports that provided a strong tailwind for many sectors,” he said.
Juan Barredo, COL chief technical analyst, said the PSEi remained in consolidation mode, but noted positive signs from the rebound of gaming, utilities, banking, property and even telecommunications.
The PSEi was weighed down most by International Container Terminal Services Inc. and Manila Electric Co., which fell by 2,87 percent and 2.2 percent, respectively, GT Capital also slipped by 1.61 percent, while Bank of the Philippine Islands lost 0.64 percent.
Outside the main index, online gaming leader DigiPlus Internactive recouped another 12.37 percent to close at P27.25, still on hopes of index inclusion in the forthcoming PSEi rebalancing.
It remained the most actively traded company during the session, accounting for P1.33 billion worth of trades.
Another key non-index gainer is Philippine National Bank, which added 1.34 percent.
The services counter dragged the main index, closing down by 1.13 percent. This was even as all other indices firmed up, especially mining/oil counter, which added 1.36 percent.
Total value turnover for the day amounted to P6.35 billion. Foreigners recorded net buying of P96.22 million.
There were 99 decliners that edged out 97 advancers, while 56 stocks were unchanged.
