Philippine stocks ended lower for the second straight trading day, highlighting the market’s inability to stay above the 7,000 level.
The peso closed nearly unchanged at 56.28 against the US dollar Thursday despite the stock market volatility.
The 30-company Philippine Stock Exchange index shed 66.46 points, or 0.95 percent, to close at 6,891.55, while the wider all-shares index slipped by 26.26 points, or 0.70 percent, to finish at 3,733.29.
Veteran stockbroker Jonathan Ravelas said investors took profits as the market struggles to clear the 7,000 mark.
“Investors await key US and Philippine economic data. Geopolitical conflicts and US election uncertainty weigh on sentiment,” Ravelas said.
Ravelas said that while the market’s near-term target remains in place at 7,000 level, a break below the 6,500 level could mean further correction towards 6,000 to 6,300 levels.
Only the mining and oil and property ended in the green among the sub-indices, rising by 0.34 percent and 0.13 percent, respectively. Holding firms dropped 1.98 percent, followed by financial which fell 1.38 percent.
Despite the market’s decline, foreign investors remained net buyers, with net inflows amounting to P897.8 million. Value turnover reached P6.15 billion, higher than year-to-date average of P4.96 billion.
Among the index members, Ayala Land Inc. led gainers, up by 2.5 percent while Converge ICT Solutions Inc. was at the bottom, losing by 4.29 percent.
