Stocks slip as cautious trading persists

MANILA, Philippines — The local stock market declined for a second straight session as investors kept a cautious stance amid concerns over the conflict in the Middle East.

The bellwether Philippine Stock Exchange index slipped by 0.15 percent or 9.7 points, settling at 6,256.02.

The broader All Shares index likewise retreated by 0.1 percent or 3.29 points to end yesterday’s session at 3,379.94.

Philstocks Financial Inc. said worries over the US-Iran tensions and its upward effect on global oil prices weighed on investors’ sentiment.

It said many stayed on the sidelines amid the downside risks brought by the Middle East conflict.

First Metro Securities said the main gauge surrendered early gains and slipped into the red as mounting macro concerns prompted late-afternoon position trimming.

“Global sentiment remained fragile following Wall Street’s overnight sell-off, with investors staying cautious ahead of the US inflation release while monitoring developments in the Strait of Hormuz,” it said.

First Metro Securities said offshore investors looked beyond the near-term uncertainty, accounting for 57.6 percent of total activity and posting a solid net inflow of P230.26 million.

Total value turnover thinned to P5.28 billion from the previous day’s P16.82 billion.

Sectoral gauges were a mixed bag, with mining and oil recording the biggest gain at 1.3 percent, while holding firms incurred the largest drop at 0.84 percent.

Decliners crushed advancers, 109 to 82, while 49 issues were unchanged.

ICTSI kept its hold as the most actively traded stock, rising by 0.51 percent to P993 per share. It was followed by SM Investments, which was unchanged at P588, and BDO Unibank, which dipped by 0.65 percent to P122.20.