Philippine stocks dip ahead of Q2 growth data; US-Iran tensions weigh

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) finished slightly lower yesterday with investors opting to stay on the sidelines ahead of the release of the country’s second-quarter economic growth data. The PSEi eased by 0.13 percent, or 8.36 points, to settle at 6,277.95, extending its losing streak to three days in a row. The broader All Shares index, on the other hand, improved by 0.02 percent, or 0.63 points, to close at 3,413.45. Philstocks Financial Inc. said the local market declined as investors brace for the country’s upcoming GDP data, which will be released today. It said lingering uncertainties between the United States and Iran, as the latter denied that talks between the two were ongoing, also added to the pessimism. “On a positive note, losses were trimmed in the final minutes amid bargain hunting,” Philstocks Financial said. Sectoral gauges were a mixed bag, with the industrial index posting the highest gain at 0.97 percent and the services index taking the biggest hit with a 0.44-percent drop. Total turnover value thinned slightly to P6.18 billion from the previous day’s P6.77 billion. Foreigners were net sellers with net outflows at P323.68 million. Advancers edged out decliners in a tight contest, 97 to 96, while 57 issues were unchanged. ICTSI stayed as the top traded stock, declining by 0.50 percent to P1,000 per share. It was followed by Ayala Corp., which dropped by 0.80 percent to P493, and BDO, which grew by 0.16 percent to P123.20. Among index members, DigiPlus saw the largest increase with 3.26 percent to P9.50, while BPI lost the most, plunging by 2.32 percent to P101.