PSEi slides on profit-taking, weaker peso

Philippines stocks fell for a second-straight session on Wednesday as investors locked in profits on index heavyweight International Container Terminal Services Inc. (ICTSI), while higher global oil prices and a weaker peso continued to dampen market sentiment.

The benchmark Philippine Stock Exchange Index dropped 1.04 percent or 65.95 points to close at 6,267.85.

According to Philstocks Financial Inc., the local market remained under pressure as heavy profit-taking in ICTSI dragged the broader index lower.

Investors also stayed cautious amid rising global oil prices and the peso’s slide to record lows against the US dollar as the Iran conflict continued to fuel uncertainty.

“The selling pressure pushed the benchmark index below the 6,300 level as sentiment remained subdued. Attention is likely to remain on currency movements and broader market conditions in the near term,” Luis Limlingan, head of sales at Regina Capital Development Corp., said.

Trading activity also softened, with net value turnover reaching P5.77 billion, as many investors stayed on the sidelines while waiting for clearer market signals.

Foreign investors remained net sellers, posting net outflows of P655 million.

Sectoral performance was mixed. Mining and oil led the gains, advancing 1.3 percent, while the services sector posted the steepest decline, falling 3.01 percent.

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Among index members, Semirara Mining and Power Corp. emerged as the day’s biggest gainer after climbing 3.11 percent to P21.55.

Meanwhile, ICTSI was the session’s main laggard, tumbling 3.9 percent to P960 per share as investors booked profits following the stock’s recent rally.

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