Philippine stocks went down Wednesday, closing lower despite gains in U.S. and regional stocks, as investors awaited the release of the November inflation rate.
The benchmark Philippine Stock Exchange index (PSEi) closed at 5,905.84, down 88.56 points or 1.48 percent. The broader all shares index ended at 3,464.79, lower by 10.71 points or 0.31 percent.
The peso likewise slipped against the U.S. dollar, closing at 58.92 on Wednesday from its Tuesday close of 58.521.
“The local bourse closed lower as profit-taking and selling pressure emerged in today’s session,” said Luis Limlingan, head of sales for Regina Capital Development Corp.
Limlingan added that market sentiment was subdued due to the depreciation of the peso against the dollar. “Overall trading remained cautious as investors await clearer market signals,” he said.
U.S. stocks, on the other hand, ended higher on expectations that the Federal Reserve will cut interest rates soon, despite lingering economic uncertainty.
Among the sectors, only the mining and oil index ended higher, up 0.34 percent.
The services sector saw the steepest decline, down 2.61 percent, followed by financials, which declined 1.14 percent. Industrial and property sectors also dropped by 1.04 percent and 0.51 percent, respectively.
Market turnover reached P6.56 billion. Foreign investors were net sellers, with outflows totaling P1.25 billion.
Converge ICT Solutions Inc. was the day’s top index gainer, climbing 3.63 percent to P16, while DigiPlus Interactive Corp. was at the bottom, slipping by 5.46 percent to P22.50.
