Local shares extended their losing streak for a fourth consecutive day Tuesday, driven by concerns that higher food and electricity costs could have pushed up August’s inflation rate.
The benchmark Philippine Stock Exchange index (PSEi) fell 11.46 points, or 0.19 percent, to close at 6,128.89. The broader all-shares index also declined, dipping 2.52 points, or 0.07 percent, to 3,681.03.
The peso also weakened slightly, closing at P57.51 to the U.S. dollar, down from P57.16 on Monday.
“Investor confidence appears to be waning as no clear positive catalyst is in sight,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Limlingan added that market sentiment remains uncertain, with elevated inflation expectations and forecasts that the Bangko Sentral ng Pilipinas (BSP) may delay interest rate cuts until next year.
Sectoral indices were mixed. Mining and oil shares rose 2.5 percent, followed by a 0.27 percent gain in the property sector and a 0.04 percent increase in industrials.
However, financials dropped 0.79 percent, while services and holding firms fell 0.17 percent and 0.08 percent, respectively.
Value turnover was P5.2 billion. Market breadth was negative, with 111 decliners against 84 gainers, while 59 stocks remained unchanged.
JG Summit Holdings Inc. was the top index gainer, with its share price jumping 5.26 percent to close at P24. Meanwhile, gaming firm DigiPlus Interactive Corp. saw its shares drop 3.62 percent to P22.65.
