Share prices edged lower Wednesday as investors took profits in the absence of fresh catalysts, with weaker economic signals and a softer peso keeping buyers on the sidelines.
The Philippine Stock Exchange index (PSEi) shed 2.62 points, or 0.04 percent, to close at 6,120.09, while the broader All Shares slipped 0.24 points, or 0.007 percent, to 3,691.35.
Turnover reached P7.28 billion on 68,836 trades, with 97 gainers edging out 91 losers and 69 unchanged. Foreign funds sold a net P41.35 million worth of shares, with purchases at P3.74 billion against sales of P3.78 billion.
“The market stayed relatively flat as investors awaited a clearer catalyst before taking new positions. The decline in manufacturing output likely weighed on sentiment, adding to caution,” Luis Limlingan, managing director at Regina Capital Development Corp., said.
Alfred Benjamin Garcia, head of research at AP Securities Inc., pointed to the July jobless rate climbing to 5.3 percent from 3.7 percent in June. “The sector counters were mostly in the red, except for Financials (+0.88 percent) and Property (+1.27 percent),” he said.
Japhet Tantiangco, research manager at Philstocks Financial Inc., added that the peso’s weakness against the dollar further dampened market mood.
The local currency closed at P57.125 to the greenback, down from P56.98 on Tuesday. It opened at P57.10, hit a high of P57.05, and slipped to a low of P57.195. Dollar trading volume stood at $1.44 billion.
