PSEi slips ahead of GDP data
Philippine stocks ended slightly lower on Thursday as investors stayed on the sidelines ahead of the release of the country’s economic growth data while geopolitical tensions in the Middle East continued to dampen risk appetite.
The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.13 percent or 8.36 points to close at 6,277.95.
According to Philstocks Financial Inc., investors remained cautious as they awaited the country’s gross domestic product figures, which could provide fresh clues on the strength of the local economy.
Market sentiment was also weighed down by lingering uncertainty between the US and Iran after Tehran denied reports that talks between the two countries were underway.
Despite the weak finish, bargain hunting in the final minutes of trading helped trim earlier losses.
Trading activity remained subdued, with net value turnover reaching P5.64 billion, reflecting the cautious mood among investors.
Foreign investors also stayed on the selling side, posting net outflows of P323.68 million.
Sectoral performance was mixed. The industrial index led the gainers after climbing 0.97 percent, while the services sector posted the steepest decline, falling 0.44 percent.
Among individual stocks, DigiPlus Interactive Corp. emerged as the session’s top performer on the benchmark index, rising 3.26 percent to P9.50.
Meanwhile, Bank of the Philippine Islands was the biggest laggard, dropping 2.32 percent to P101 per share.
Analysts said investors are likely to remain cautious in the near term as they assess incoming economic data and monitor global developments, particularly geopolitical risks that could continue to influence market sentiment.
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