Philippine Stocks Dip Amid Geopolitical Jitters and Domestic Policy Concerns

MANILA, Philippines — The local stock market slipped into red territory on last-minute selling yesterday, as investors stayed cautious given lingering geopolitical risks. The bellwether 30-company Philippine Stock Exchange index inched down by 0.17 percent or 10.87 points to settle at 6,304.03. The broader All Shares index also declined by 0.24 percent or 8.33 points, closing at 3,427.04. Philstocks Financial Inc. said last-minute profit taking sent the local bourse lower, with investors still worried over the uncertainties between the US and Iran. A total of P6.67 billion worth of shares changed hands yesterday, an improvement from the previous day’s P4.81 billion. Foreigners were net buyers, with net inflows at P115.12 million. Sectoral gauges were again mixed, with those in the green having the slight advantage. The mining and oil index had the biggest gain at 0.50 percent, while the industrial index lost the most with a 1.24-percent drop. Decliners edged out advancers, 89 to 78, while 68 issues were unchanged. ICTSI stayed as the top traded stock, climbing by 0.31 percent to P982 per share. It was followed by BDO, which surged by 1.44 percent to P127, and Meralco, the day’s main index laggard, which plunged by 4.66 percent to P562. “Meralco weighed on the index after President Marcos called for EPIRA amendments and the removal of VAT on system losses during Monday’s SONA,” AB Capital Securities said. “While the comments create a near-term overhang, we continue to see tighter loss caps and stronger efficiency incentives as more likely than a complete ban on recovering unavoidable losses,” it said.