MANILA, Philippines — The local stock market tumbled as investors opted to stay on the sidelines while waiting for clearer catalysts.
The benchmark Philippine Stock Exchange index shed 22.95 points or 0.4 percent to finish yesterday’s session at 5,693.20.
The broader All Shares index also slipped by 0.11 percent or 3.56 points, settling at 3,200.62.
Luis Limlingan of Regina Capital said the local bourse ended lower as investors continued to digest the ongoing release of corporate earnings from major index heavyweights, with results shaping overall market sentiment.
He said investors remained selective while awaiting further disclosures for clearer direction.
“Trading remained cautious as market participants assessed corporate performance against expectations and evaluated near-term earnings prospects,” Limlingan said.
AB Capital Securities said the PSEi was choppy throughout the session, underperforming a broadly positive region due to continued weakness in ICTSI, which fell by 2.5 percent to P780 per share.
“Stable third quarter margins supported sentiment, while hopes of de-escalation in the Iran conflict kept oil below $95 per barrel,” it said.
Sectoral gauges were a mixed bag, with industrial posting the biggest increase at 1.47 percent, while services recorded the largest drop at 1.98 percent
Total turnover value thinned to P6.08 billion from P7.46 billion the previous day.
Decliners edged out advancers, 85 to 81, while 65 issues did not change hands.
ICTSI was the top traded stock, followed by Mynt and URC, which rose by 2.27 percent and 0.89 percent, respectively, to P7.21 and P62.20 per share.