PSEi loses on weak FDI data
Philippine shares fell below the 5,700 level on Wednesday, with investors still cautious following the latest foreign direct investment (FDI) data and ongoing corporate earnings releases.
By the closing bell, Philippine Stock Exchange Index (PSEi) dropped 0.4 percent, or 22.95 points, to finish at 5,693.2.
The broader All Shares index also fell by 0.11 percent, or 3.56 points, to 3,200.62.
Only the industrial and property sectors ended in the positive territory, while services suffered the steepest loss at 1.98 percent.
Turnover reached P5.48 billion, net of extraordinary block sales.
“The local bourse ended lower as investors continued to digest the ongoing release of corporate earnings from major index heavyweights, with results shaping overall market sentiment,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
“Trading remained cautious as market participants assessed corporate performance against expectations and evaluated near-term earnings prospects,” he added.
AB Capital Securities Inc. said PSEi was “choppy throughout the session,” following a decline in index heavyweight International Container Terminal Services Inc., or ICTSI, reflecting its influence on the benchmark.
Meanwhile, Philstocks Financial research manager Japhet Tantiangco said PSEi was dragged down by the latest foreign direct investment data, showing the eight-month net inflows were still 19.2 percent weaker year-on-year.
“Higher-than-anticipated US inflation data, coupled with the peso’s weakness during the session, added further pressure on the local bourse,” Tantiangco added.
The market closed with 81 gainers, 85 decliners, and 65 remained unchanged.
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