The local stock barometer slipped for the second straight session on Tuesday in line with sluggish regional markets.
The main-share Philippine Stock Exchange index (PSEi) lost 9.48 points, or 0.12 percent, to close at 8,042.04.
Local stock brokerage Papa Securities said the possibility of a breakout happening on Tuesday was low after a lackluster performance of US markets overnight.
“Something to watch for should be (US Federal Reserve) chief (Jerome) Powell’s testimonies against Congress this week that will likely lay down the groundwork and provide indications for the Fed’s plans at the end of the month,” the brokerage said.
The local market was weighed down most by the services counter, which fell by 1.68 percent.
The industrial, holding firm and property counters also declined.
On the other hand, the financial and mining/oil counter gained slightly.
Value turnover for the day amounted to P5.89 billion. Domestic investors were mostly the ones who pocketed gains as there was P735 million in net foreign buying.
There were 125 decliners that edged out 71 advancers, while 44 stocks were unchanged.
The PSEi was weighed down most by Globe Telecom, which fell by 2.91 percent.
SM Investments, Ayala Land, PLDT, URC and Megaworld all declined by over 1 percent.
Ayala Corp., ICTSI and Metrobank all slipped.
Outside the PSEi, notable decliners included Cebu Air, which slumped by 37.9 percent in thin volume. Many believe this to have been caused by a trading error.
ISM dropped by 11.26 percent while Abacore fell by 6.06 percent in heavy volume.
On the other hand, SM Prime gained 1.72 percent, while BPI, Security Bank, BDO and GT Capital all firmed up.
Notable gainers outside the PSEi included Manila Water and San Miguel Food and Beverage, which both gained over 1 percent.