PSEi slips on profit-taking
Local stocks ended lower on Tuesday as investors took profits late in the session while remaining cautious amid lingering uncertainties surrounding the conflict between the United States and Iran.
The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.17 percent, or 10.87 points, to close at 6,304.03.
According to Philstocks Financial Inc. research manager Japhet Tantiangco, last-minute profit-taking pulled the market into negative territory as investors continued to monitor geopolitical developments in the Middle East.
“Last minute profit-taking sent the local bourse lower, with investors still worried over the uncertainties between the US and Iran,” Tantiangco said.
Luis Limlingan, head of sales at Regina Capital Development Corp., said sentiment remained cautious amid broad-based declines in neighboring markets.
“The market closed lower as investors continued to monitor market developments as more earnings results are still coming in,” Limlingan said.
Despite the decline, trading remained active, with net value turnover reaching P6.32 billion.
Foreign investors also extended support to the market, ending the session as net buyers with net inflows of P115.12 million.
Mining and oil stocks led the sectoral gauges, rising 0.5 percent. Industrials, meanwhile, posted the steepest decline, falling 1.24 percent.
Among index members, Converge ICT Solutions Inc. emerged as the day’s top performer, climbing 3.47 percent to P10.72, buoyed by bargain hunting following recent losses.
On the other hand, Manila Electric Co. sank 4.66 percent to P562 per share, making it the session’s biggest laggard.
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