PSEi slips as investors digest weak GDP

Local stocks ended nearly flat on Monday as investors remained cautious following the country’s weak second-quarter economic growth, while renewed geopolitical concerns added to market worries.

The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.02 percent, or 1.14 points, to close at 6,289.21.

Brokerage Philstocks Financial Inc. said investors remained on the sidelines after the Philippines had posted a “dismal” second-quarter gross domestic product (GDP) performance.

Market sentiment was also weighed down by Iran’s denial of talks with the United States concerning the Strait of Hormuz, adding another layer of uncertainty for investors.

Luis Limlingan, head of sales at Regina Capital Development Corp., said trading remained relatively flat amid cautious sentiment.

“Attention now shifts to the Bangko Sentral ng Pilipinas’ next policy move and its potential impact on market sentiment,” Limlingan said.

Trading activity remained tepid, with net value turnover reaching only P3.55 billion.

Foreign investors likewise pulled funds from the local market, ending the session as net sellers with net outflows of P217.28 million.

Sectoral indices finished mixed.

Holding firms led the market after gaining 0.98 percent, while industrials posted the steepest decline at 0.47 percent.

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Among individual stocks, DigiPlus Interactive Corp. was the top index performer, climbing 3.77 percent to P10.46.

Semirara Mining and Power Corp., meanwhile, was the session’s biggest index laggard. Shares of the Consunji-led coal producer fell 3.9 percent to P19.22

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