Local shares dipped slightly Tuesday on profit-taking but remained above the 6,400 level.
The 30-company Philippine Stock Exchange index slipped 11.20 points, or 0.17 percent, to close at 6,408.76, while the broader all shares index fell 2.75 points, or 0.08 percent, to 3,638.38.
The peso depreciated to 59.341 against the dollar Tuesday from 59.26 on Monday.
Analysts said the index stayed above 6,400 following strong cues from overseas after Wall Street hit a record high. Most Asian stocks also closed higher.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the market digested the country’s October foreign direct investment data, which showed a 40 percent decline in net inflows.
“Investors are also waiting for the U.S. December consumer price index, which is expected to provide clues on the Federal Reserve’s policy outlook,” Tantiangco said.
Sectors ended mixed. Industrials led the decline, falling 0.56 percent, while property dropped 0.44 percent. Financials and holding firms declined by 0.21 percent and 0.17 percent, respectively. Conversely, mining and oil climbed 2.10 percent, and services rose 0.48 percent.
Trading was active, with value turnover hitting P6.75 billion. Strong foreign buying tempered the market’s decline, with net foreign inflows reaching P506.15 million.
JG Summit Holdings Inc. was the top index gainer, rising 2.88 percent to P25, while Manila Electric Co. was at the bottom, falling 2.2 percent to P577.
