Market suffers back-to-back losses

MANILA, Philippines — Share prices fell anew as investors stayed on the sidelines ahead of some key announcements.

The Philippine Stock Exchange index declined for a second straight session, losing 0.62 percent or 39.81 points to end at 6,358.96.

The broader All Shares index suffered the same fate as it slipped by 0.48 percent to 16.8 points to settle at 3,462.67.

“Philippine shares were sold down, with investors keeping to cash as Fed Chair Jerome Powell will speak before a policy panel at the European Central Bank Forum. Investors will closely monitor on what he might say at the forum,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse extended its decline amid continuous profit taking, while many investors were cautious as they wait for the June inflation rate.

“The slight decline in S&P Global Philippines Manufacturing PMI, which signified a growth slowdown weighed on sentiment,” she said.

Alviar said foreign investors pulled the market further down as it registered a net selling of P310.09 million.

Net market value turnover remained thin at P3.61 billion.

Sectoral gauges were a mixed bag, with mining and oil leading the charge with a 1.53 percent increase.

Financials, on the other hand, took the biggest plunge at 1.42 percent, followed by holding firms, which shed 1.09 percent.

Market breadth was negative as decliners pummeled advancers, 110 to 65, while 48 issues did not change.

Century Pacific Food gained the most among index members with a 2.72 percent jump, while Converge ICT Solutions posted the biggest loss at 4.35 percent.