MANILA, Philippines — Investors opted to err on the side of caution while waiting for the policy decision of the Bangko Sentral ng Pilipinas (BSP) yesterday.
The benchmark Philippine Stock Exchange index (PSEI) slipped by 0.18 percent or 12.05 points, finishing its second straight day in the red at 6,692.91.
Also closing the session in negative territory was the broader All Shares index which declined by 0.03 percent or 1.15 points to settle at 3,628.15.
“Philippine shares closed slightly lower as local traders anticipated the BSP’s policy decision yesterday,” Luis Limlingan of Regina Capital said.
Philstocks Financial research manager Japhet Tantiangco said last minute profit taking brought the local market down yesterday.
“Investors booking gains is seen as a cautious move while waiting for the BSP’s policy decision,” he said.
Net value turnover stood at P5.17 billion, lower than the previous day’s P6.34 billion.
Foreigners remained as net buyers with net inflows amounting to P3.58 million.
Among the sectors, only the services and property concluded the session higher with increases of 0.68 percent and 0.02 percent, respectively.
Mining and oil index took the biggest hit, plunging by 1.11 percent.
Market breadth finally turned out positive this week as advancers edged out decliners, 103 to 98, while 47 stocks were unchanged.
Converge ICT Solutions registered the largest gain among the index members with a 10.21-percent surge, while GT Capital Holdings lost the most with 3.84 percent.