The benchmark PSEi fell on Wednesday as persistent geopolitical tensions and cautious sentiment ahead of central bank policy decisions prompted investors to trim risk exposures.
The PSEi slipped 0.50 percent or 31.76 points to close at 6,337.43, farther below the 6,400 support level. The broader All Shares index eased 0.29 percent or 11.07 points to 3,772.79.
From a technical standpoint, the PSEi’s inability to hold above 6,400 indicates sustained weakness and a lack of buying conviction amid mounting global uncertainties, analysts said.
Market risk aversion picked up as the Israel-Iran conflict entered its fifth day, Luis Limlingan, managing director at Regina Capital Development Corp., said.
Investor participation also thinned ahead of the Bangko Sentral ng Pilipinas’ policy rate decision this Thursday, he added.Total turnover reached P5.28 billion
across
64,971 trades involving 2.91 billion shares. Market breadth was nearly flat, with 96 advancers edging out 95 decliners, while 52 stocks were unchanged.
Foreign investors turned net sellers by P254.69 million, offloading P2.31 billion in shares against P2.05 billion in purchases.
Japhet Tantiangco, research manager at Philstocks Financial Inc., said investors are bracing for fresh policy cues from both the Bangko Sentral ng Pilipinas and the US Federal Reserve.
The Fed is expected to hold rates steady, but market participants will parse language in the meeting minutes for any dovish shifts.
“The weak US data of late may support a more accommodative tone from the Fed,” Limlingan said.
Among sectoral indices, only the industrials managed to eke out gains, rising 0.45 percent. Financials led the laggards, shedding 1.71 percent, as bank stocks bore the brunt of outflows and global uncertainty.
