Market slips as investors await Trump inauguration

MANILA, Philippines — The local stock market finished slightly lower yesterday as investors stayed on the sidelines while waiting for the inauguration of US President Donald Trump.

The benchmark Philippine Stock Exchange index (PSEi) inched down by 0.04 percent or 2.23 points to end the session at 6,349.89.

The broader All Shares index also closed in the red territory, dipping by 0.02 percent or 0.87 points to 3,702.86.

“Philippine shares started the week on a flat note as the markets watch for incoming President Trump to be sworn in,” Luis Limlingan of Regina Capital said.

Limlingan said investors are keeping a close watch for early policy announcements by Trump.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected lower ahead of Trump’s inauguration, with possible protectionist measures, as a source of market leads.

Sectors were a mixed bag, with financials leading the charge with a 0.79-percent increase.

The property index, meanwhile, took the biggest hit as it plunged by 1.61 percent.

Net value turnover continued to be weak at P3.56 billion. Foreigners were net sellers with net outflows at P107.92 million.

Market breadth was negative as decliners edged out advancers, 105 to 98, while 48 issues were unchanged.

SM Investments was yesterday’s top traded company, slipping by 0.60 percent to P830 per share, followed by BDO with a 0.83-percent improvement to P146.20.

Among index members, Monde Nissin gained the most with 3.68 percent, while ACEN registered the largest drop at 3.3 percent.