Philippine Shares Slip Again as Investors Lock In Gains

MANILA, Philippines — The local stock market declined for the second straight session as investors opted to take profits late in the session. The Philippine Stock Exchange index (PSEi) slipped by 0.16 percent or 10.33 points to close at 6,286.31. The broader All Shares index also tumbled by 0.07 percent or 2.53 points, settling at 3,412.82. AB Capital Securities said the PSEi failed to hold above 6,300 despite better-than-expected July inflation, a stronger peso and easing Brent. “Weakness was broad-based, suggesting investors were reluctant to add risk ahead of Friday’s second quarter GDP (gross domestic product) release. Conviction continued to fade despite the supportive macro backdrop,” it said. Luis Limlingan of Regina Capital said investors initially welcomed the softer inflation data, raising hopes for a more accommodative monetary policy outlook. Inflation eased to 6.2 percent in July from 6.4 percent in June on softer global oil prices and lower transport costs, data released by the Philippine Statistics Authority showed. However, Limlingan said selling pressure intensified toward the close as traders locked in recent gains, resulting in a weaker finish. “The local bourse ended lower despite a better-than-expected inflation print, as late-session profit taking erased earlier gains and dragged the index into negative territory,” Limlingan said. All sectors were in the negative territory, except for mining and oil, which climbed by 4.63 percent. Financials and industrial indexes lost the most, sliding by 0.33 percent and 0.31 percent, respectively. Total turnover value amounted to P6.77 billion. Advancers outnumbered decliners, 102 to 84, while 49 issues were unchanged. ICTSI was the session’s top traded stock, increasing by 0.2 percent to P1,005 per share, followed by BDO Unibank and Globe, which shed 0.49 percent and 3.25 percent, respectively, to P123 and P1,755.