Philippine stocks ended marginally lower Wednesday on lackluster trading amid worries about stagflation risks driven by the ongoing conflict between the United States and Iran.
The 30-company Philippine Stock Exchange index slipped 3.40 points, or 0.06 percent, to close at 5,893.40, while the broader all shares Index dipped 7.67 points, or 0.23 percent, to 3,339.88.
“The local market ended flat as investors stayed cautious after President Marcos flagged risks of stagflation amid lingering economic pressures,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
“Concerns over higher oil prices caused by global supply chain disruptions continue to weigh on sentiment, raising worries about sustained inflation and slower growth,” Limlingan added.
Sectors ended mixed, with services rising 0.33 percent, while property and holding firms advanced 0.18 percent and 0.09 percent, respectively. Conversely, industrials dropped 0.80 percent, financials declined 0.56 percent, and mining and oil fell 0.33 percent.
Value turnover slightly improved to P5.65 billion. Overseas investors remained net sellers, with outflows amounting to P115.3 million.
Shares of Ayala Land Inc. bounced back after the previous day’s steep decline to emerge as the day’s top index gainer, rising 1.75 percent to P15. On the other hand, ACEN Corp. was the main index laggard, dropping 4.62 percent to P3.10.
Meanwhile, the peso closed at 61.74 to the U.S. dollar Wednesday, virtually unchanged from 61.75 on Tuesday.
