Philippine shares retreated for a second day running as the market weighed issues of concern that were missed by President Ferdinand Marcos Jr.’s State of the Nation Address (SONA).
Philstocks Financial Inc. said sentiment remained tepid following the president’s SONA, noting that some investors were left disappointed by the absence of references to key policy concerns, such as online gaming regulations, trade ties with the United States, and fiscal consolidation plans.
The Philippine Stock Exchange index (PSEi) fell 0.85 percent, or 54.33 points, to close at 6,325.42. The broader All Shares dropped 0.35 percent, or 13.41 points, to 3,780.08.
Decliners outnumbered gainers 117 against 70, while 62 issues were unchanged. Total value turnover reached P6.86 billion on 1.04 billion shares across 74,383 trades.
Foreign investors were net sellers by P429.15 million, on total selling of P2.98 billion versus P2.55 billion in purchases.
Regina Capital managing director Luis Limlingan said the market was also digesting comments by Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, who told Reuters that the central bank remains on track for two policy rate cuts before year-end, depending on the trajectory of inflation and economic growth.
“Prices are also adjusting to corporate earnings expectations, with investors positioning ahead of key reports,” Limlingan said.
