PSEi slips as investors await inflation data
Local stocks slipped on Wednesday as investors turned cautious amid lingering concerns over the domestic economic outlook and record government debt, according to Philstocks Financial Inc.
The benchmark Philippine Stock Exchange Index (PSEi) declined by 0.45 percent or 29.01 points to close at 6,372.95, with sentiment weighed down by uncertainties surrounding growth prospects.
“The local bourse pulled back to the 6,300 level as investors booked profits ahead of the upcoming inflation report, taking gains amid expectations that price pressures would remain broadly stable and uncertainty over potential market reactions,” Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said.
Philstocks financial research manager Japhet Tantiangco said market participants also digested data showing the national government’s outstanding debt had climbed to a fresh high of P17.71 trillion, while many stayed on the sidelines ahead of the release of January inflation figures.
Trading activity remained subdued, with net value turnover reaching P6.04 billion—below the year-to-date average of P6.54 billion—reflecting investors’ cautious stance.
Despite the broader market drop, foreign investors provided some support as they registered net inflows of P279.62 million.
Sector performance was mixed. Mining and oil stocks led the gains, rising 1.92 percent, while property firms dragged the market after shedding 1.45 percent.
Market breadth was slightly positive, with advancers narrowly outpacing decliners, 104 to 94.
Among index heavyweights, Globe Telecom Inc. emerged as the session’s top performer, jumping 5.07 percent to P1,678.00.
On the other hand, San Miguel Corp. was the main laggard, tumbling 4.31 percent to P76.55.
Analysts said the latest pullback highlights investors’ continued sensitivity to macroeconomic signals, particularly inflation and fiscal developments, which could influence the Bangko Sentral ng Pilipinas’ policy path in the coming months.
For now, the combination of economic uncertainty and key data releases appears to be keeping traders defensive, resulting in lighter turnover and selective buying.
