Share prices closed lower Tuesday as investors digested economic signals and found little catalysts to take new positions.
“Investor confidence appears to be waning as no clear positive catalyst is in sight,” Luis Limlingan, managing director at Regina Capital Development Corp., said.
He added that inflation expectations remain high and the Bangko Sentral ng Pilipinas may cut rates further next year instead of 2025.
The benchmark PSEi shed 11.46 points, or 0.19 percent, to close at 6,128.89, while the broader All Shares slipped 2.52 points, or 0.07 percent, to 3,681.03. Losers outpaced gainers 111 to 84, with 59 issues unchanged.
Turnover reached P5.58 billion on 1.16 billion shares across 66,116 trades. Foreign investors were net sellers by P368.84 million, with P1.97 billion in purchases, against 2.34 billion in sales.
Japhet Tantiangco, managing director at Philstocks Financial Inc., said the peso’s weakness also weighed on sentiment.
“Investors also dealt with lingering issues over the country’s public infrastructure, particularly flood control projects,” he added.
The peso closed at 57.51 to the dollar, weaker than Monday’s 57.16. It opened at 57.22, hit a high of 57.14 and a low of 57.54, with $1.92 billion traded.
