BW FILE PHOTOBy Sheldeen Joy Talavera, Reporter
PHILIPPINE STOCKS dropped on Thursday in the absence of fresh leads, as investors awaited key data releases that could boost market sentiment.
The benchmark Philippine Stock Exchange index (PSEi) shed 0.34% or 20.87 points to close at 6,124.09. The broader all-share index dropped 0.36% or 13.22 points to 3,655.19.
“The local bourse slipped… as the market struggled with a lack of fresh catalysts,” Claire T. Alviar, a research analyst at Philstocks Financial, Inc., said in a Viber message. “Adding to the decline, foreign investors posted a net outflow of P368.83 million, weighing on overall sentiment.”
Net foreign selling stood at P368.83 million, reversing the P166.13 million in net foreign buying on Wednesday.
Jayniel Carl S. Manuel, an equity trader at Seedbox Securities, Inc, said investors were monitoring upcoming economic releases on Feb. 28, including Philippine trade balance, money supply and bank lending for January.
“These data points will clarify the strength of external demand and the level of domestic liquidity, both of which are important for market sentiment,” he said in a Viber message.
If the upcoming releases confirm manageable consumer price index growth and healthy bank lending, the index could gather enough momentum to break above 6,200, he said.
“On the other hand, a bigger-than-expected trade deficit or weaker exports could spark renewed selling pressure, potentially testing the 6,000 support once again,” he added.
Luis A. Limlingan, head of sales at Regina Capital Development Corp., said local share prices dropped as investor anxiety grew over US President Donald J. Trump’s escalating trade policies.
Mr. Trump said at the first meeting of his cabinet on Wednesday, US time, he wanted to impose a 25% tariff on the European Union, Reuters reported.
Back home, almost all sectoral indexes dropped except financials, which added 0.23% or 5.23 points to 2,328.50.
Mining and oil fell by 1.58% or 127.69 to 7,948.67, while the property index dropped 0.81% or 18.33 points to 2,232.75. Holding firms shed 0.68% or 35.11 points to 5,075.22, while industrials lost 0.36% or 32.5 points to 8,799.24. Services dropped 0.31% or 6.11 points to 1,956.91.
Value turnover rose to P6.35 billion involving 534.85 million shares, from P5.31 billion involving 467.32 million stocks a day earlier.
Decliners outnumbered advancers 103 to 73, while 61 stocks were unchanged.
