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The local stock market dipped after a short series of minor gains as investors remain cautious amid unpredictable policy shifts by the US on tariffs and attacks by Trump on the independence of the Federal Reserve.
The main index shed 10 points or 0.16 percent to close at 6,158.48 as Miners rallied while Banks and Service lagged behind. Volume rose to 631 million shares worth P6.13 billion as gainers beat losers 112 to 90 with 36 unchanged.
“Philippine shares gave up minor gains as the market continued to trade in a narrow range following Trump's softened stance on the trade war with China,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
US stocks rose on Wednesday as easing concerns over U.S.-China trade tensions lifted investor sentiment. President Donald Trump signaled he has no plans to remove Federal Reserve Chair Jerome Powell, despite his recent criticisms.
“The statement provided some reassurance to markets, especially after Trump had labeled Powell a ‘major loser’ earlier this week and called for immediate rate cuts,” said Limlingan.
