PSEi snaps winning streak on profit-taking
Philippine stocks slipped on Friday, snapping its two-day winning streak, as investors locked in gains from the previous session while the conflict between the United States and Iran continued to weigh on market sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) fell 1.21 percent or 73.3 points to close at 5,960.97.
Philstocks Financial research manager Japhet Tantiangco said the local market retreated as investors took profits following Thursday’s rally.
Tantiangco said concerns over the volatile situation between the United States and Iran, particularly after reports of exchanged fire at the Strait of Hormuz, also dampened sentiment.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said investors took profits following the weaker-than-expected gross domestic product print.
“Sentiment also turned cautious amid lingering uncertainty surrounding the tension in the Middle East, despite the ceasefire remaining in place. As a result, investors adopted a more defensive stance heading into the weekend,” Limlingan said.
Trading activity remained subdued, with net value turnover settling at P5.7 billion, below the year-to-date average of P6.37 billion.
Foreign investors remained on the sidelines, ending the session as net sellers with outflows amounting to P663.89 million.
Most sectoral indices ended in negative territory, with only mining posting gains after rising 1.6 percent.
Services suffered the steepest decline among sectoral gauges, dropping 1.53 percent during the session.
Market breadth also stayed weak, with only seven index members finishing in positive territory.
