Share prices closed lower Monday as investors opted to lock in gains ahead of President Ferdinand Marcos Jr.’s State of the Nation Address, which was delivered after market hours.
The benchmark Philippine Stock Exchange index (PSEi) shed 33.43 points or 0.52 percent to close at 6,379.75, while the broader All Shares index dipped 3.38 points or 0.09 percent to 3,793.49.
Market breadth was negative, with 108 losers edging out 90 gainers, while 48 issues were unchanged. Trading value reached P6.61 billion involving over 1.11 billion shares across 78,897 transactions.
Foreign investors were net sellers by P156 million, with total foreign selling at P2.61 billion versus P2.46 billion in foreign buying.
“The local market dropped as investors took a cautious stance while waiting for President Marcos’ SONA,” Japhet Tantiangco, research manager at Philstocks Financial Inc., said. “The peso’s pullback for the day also weighed on the local bourse.”
Regina Capital Managing Director Luis Limlingan noted that investors were closely watching the SONA for guidance on the government’s economic direction, including which industries may receive greater support or tighter regulation.
Limlingan added that anticipation of the upcoming rebalancing of the PSE index may also be contributing to the market’s movements.
