PSEi slips on profit-taking
Philippine stocks ended slightly lower on Wednesday as investors pocketed gains late in the session, overshadowing optimism from a better-than-expected inflation reading and leaving the market waiting for second-quarter economic growth data.
The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.16 percent or 10.33 points to close at 6,286.31 after failing to hold the 6,300 level.
According to brokerage AB Capital Securities Inc., local stocks initially traded higher after the latest inflation print strengthened expectations that the Bangko Sentral ng Pilipinas could maintain a more accommodative monetary policy stance.
However, the gains proved short-lived as selling pressure intensified toward the close, with investors locking in recent profits and dragging the benchmark into negative territory.
“Investors initially welcomed the softer inflation data, raising hopes for a more accommodative monetary policy outlook. However, selling pressure intensified toward the close as traders locked in recent gains, resulting in a weaker finish,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
The broader market remained relatively resilient, with 102 advancing stocks outnumbering 84 decliners.
Value turnover reached P5.04 billion, excluding extraordinary block sales. Foreign investors remained net sellers, unloading a net P585 million worth of local shares.
Mining and oil was the lone sector to finish in positive territory, climbing 4.63 percent.
Financials fell 0.33 percent, industrials declined 0.31 percent, properties dropped 0.17 percent, services slipped 0.09 percent and holdings edged down 0.06 percent.
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