The local stock barometer slipped yesterday as investors await the final version of the first package of the Philippine government’s tax reform program.
The main-share Philippine Stock Exchange index lost 24.51 points or 0.29 percent to close at 8,334.06, tracking profit-taking across regional markets.
“The local market traded on a softer note a day before a series of huge events in the next few days. Both the House and Senate may ratify the reconciled version of the Tax Reform for Acceleration and Inclusion (Train) soon. Afterwards this may be sent to the President to be signed. Investors have been discounting this news but until this is final then it is not yet set,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Meanwhile, Limlingan noted that trading day on North American stock markets was muted overnight as indices posted modest gains ahead of this week’s US Federal Reserve meeting.
At the local market, the day’s decline was led by the holding firm and mining/oil counters which both fell by over 1 percent as the industrial and services also slipped.
The property and financial counters both slightly gained.
Total value turnover for the day amounted to P6.6 billion. There were 115 decliners that edged out 87 advancers while 52 stocks were unchanged.
The PSEi was weighed down most by DMCI, which lost 3.27 percent, while ICTSI shed 2 percent.
Ayala Corp. slipped by 1.44 percent while SM Investments, Globe Telecom, Megaworld, Meralco and Metro Pacific also declined.
Notable decliners outside the PSEi were Manila Water (-1.57 percent) and Bloomberry (-3.55 percent).