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The PSEi dropped on profit-taking as investors held on to cash ahead of the Lenten break.
The main index fell by 57.50 points or 0.93 percent to close at 6,128.60 as the Services counter led the retreat while only Miners managed to advance. Volume remained thin at 951 million shares worth P4.21 billion as gainers still outnumbered losers at 110 to 79 with 51 unchanged.
“Local shares ended the Holy Week-shortened trading week in the red as investors booked profits amid low volumes,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “On the economic front, markets absorbed the latest OFW remittance data, which rose 2.7 percent year-on-year to $2.72 billion —its slowest pace in nine months—amid seasonal headwinds and global uncertainty. In commodities, gold prices climbed as safe-haven demand strengthened due to renewed concerns over U.S. tariff measures and a weaker dollar.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local bourse pulled back this Wednesday as investors took a cautious stance, booking gains ahead of the long weekend. The local market also took cues from Wall Street’s overnight decline.”
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said the decline is considered a healthy profit-taking after gaining for 5 straight trading days.
He noted that, “some of the peso funds from the local stock market could have been shifted to the ongoing 10-year local Treasury bond offering.”
Other factors include “softer OFW remittances growth lately, continued concerns on Trump’s tariffs and worsening trade war with China.”
