Local shares dipped Wednesday amid sluggish trading, as investors remained on the sidelines due to global uncertainties, including the approaching Aug. 1 tariff negotiations deadline with the U.S.
The benchmark Philippine Stock Exchange index fell 7.19 points, or 0.11 percent, to 6,318.23. The broader all-shares index declined 3.49 points, or 0.09 percent, to 3,776.59.
The peso also depreciated further against the U.S. dollar, closing at 57.58 Wednesday from 57.31 Tuesday.
The index traded in a narrow range between 6,305.51 and 6,333.02.
Analysts said investors are currently digesting corporate earnings reports while anticipating the U.S. Federal Reserve’s monetary policy decisions.
“Investors are waiting for clues on the Fed’s policy outlook in their upcoming meeting this week,” said Japhet Tantiangco, research head at Philstocks Financial Inc.
Four of six indices closed lower, led by financials, which dropped 0.59 percent, and holding firms, down 0.33 percent. Mining and oil decreased by 0.13 percent, and services by 0.11 percent.
Conversely, property rose 14.17 percent and industrial gained 0.29 percent.
Value turnover reached P4.56 billion.
Foreign investors continued to exit the local equities market, with outflows reaching P57.49 million.
Market breadth was negative, with 95 decliners outweighing 87 gainers, while 62 names remained unchanged.
Ayala Land Inc. emerged as the day’s top gainer, rising 2.38 percent to P25.80. Converge ICT Solutions Inc. was the biggest loser, falling 3.14 percent to P17.90.
