Stocks slip as investor caution persists

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) slipped on a muted session amid prevailing caution among investors.

The benchmark PSEi slipped by 0.11 percent or 6.92 points, closing yesterday’s session at 6,083.68.

The broader All Shares index, however, improved by 0.04 percent or 1.51 points to 3,378.95.

Luis Limlingan of Regina Capital said the local index closed lower as investors remained cautious amid the continued depreciation of the local currency against the greenback.

Further, he said ongoing tensions surrounding United States and Iran, as well as elevated oil prices continued to weigh on market sentiment.

“Overall, investors remained on the sidelines amid heightened geopolitical, currency and commodity-related risks,” Limlingan said.

First Metro Securities said persistent peso weakness, resurgent crude prices and renewed inflation fears are seen to keep investors on the defensive.

“Pending fresh positive catalysts, risk appetite could stay muted, leaving the market reliant on selective stock-picking near the key support level,” it said.

The peso slightly rebounded to 62.586 per dollar from Friday’s record low of 62.59 per dollar.

All sectors finished in the red, except for the industrial index which grew by 0.97 percent. Property registered the biggest drop at 0.38 percent, followed by financials which declined by 0.31 percent.

Trading was tepid, with total value turnover at only P3.89 billion.

Decliners edged out advancers, 98 to 92, while 70 issues did not change hands.

ICTSI was the session’s top traded stock, tumbling by 0.11 percent to P933.50 per share. It was followed by PhilWeb, which jumped by 4.17 percent to P15, and SM Investments, which dipped by 0.18 percent to P561.