The local stock barometer pulled back below 6,000 on Wednesday as investors reassessed recent gains while awaiting monetary policy cues from major central banks across the globe.The main-share Philippine Stock Exchange index (PSEi) shed 71.59 points or 1.19 percent to close at 5,946.62, ending a three-day run-up.
The market was weighed down by about P843.92 million worth of net foreign selling.
“Local shares were sold ahead of a policy update by the Federal Reserve, Bank of Japan and Bank of England and increased tension from the US-(China) trade war,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The PSEi was weighed down by the financial, industrial and holding firms, which all fell by over 1 percent. The property counter also slipped.
Only the mining/oil counter managed to eke out modest gains.