Share prices closed broadly lower on Wednesday ahead of the May inflation data to be released today, Thursday, by the Philippine Statistics Authority.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors were encouraged to book gains a day before the inflation numbers are released.
The market has been on an upswing since Monday, taking advantage of the positive sentiment fueled by expectations of low inflation.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors also decided to cash out of certain positions after the Organization for Economic Cooperation and Development (OECD) projected slower economic growth for the Philippines this year.
In the OECD Economic Outlook 2025, the organization said it expects the Philippines to grow 5.6 percent this year. This compares with the government’s 6 percent to 8 percent growth target.
Now that the inflation data is about to come out, investors decided to cash in on previous market upticks, Japhet Tantiangco, analyst from Philstocks Financial Inc., said
The PSEi dropped 0.53 percent or 34.3 points to 6,378.56.
The broader All Shares dipped 0.06 percent or 2.37 points to 3768.58.
Gainers outnumbered losers 115 to 78, with 45 stocks unchanged. Trading value reached P6.3 billion.
Foreign funds were net sellers at P129.6 million, after buying P2.93 billion worth of shares and selling P3.06 billion.
Tantiangco said investors also took into consideration the national government’s outstanding debt, which rose slightly to a new record of P16.75 trillion.
Most actively traded BDO Unibank Inc. lost P1.30 to P157.40. International Container Terminal Services Inc. dropped P4 to P411. Bloomberry Resorts Corp. gained P0.11 to P5.05. Metropolitan Bank and Trust Co. declined by P1.65 to P74.55. Bank of the Philippine Islands shed P1 to P140. Jollibee Foods Corp. decreased by P4.40 to P226.20. DigiPlus Interactive Corp. rose P2.70 to P59.20. SM Prime Holdings Inc. lost P0.65 to P22.95. Rockwell Corp. advanced by P0.06 to P2.03. SM Investments Corp. gained P1 to P851.
