The benchmark Philippine Stock Exchange index (PSEi) declined on Wednesday as investors focused on second-liners while big telecommunications companies pulled back.
By the end of the session, the PSEi was down 0.72 percent, or 42.76 points, to 5,867.88 while the broader all-shares index was down 0.45 percent, or 15.83 points, to 3,527.90.
Among subsectors, only mining and oil as well as financials rose. All the rest were in the red with the largest drop coming from services after PLDT Inc. and Globe Telecom declined.
Data from the PSE showed 1.8 billion shares valued at P7.1 billion changed hands. Still, there were 101 advancers against 92 decliners while 48 companies closed unchanged.
Dito CME Holdings was again the most actively traded on Wednesday as it fell 15.27 percent to P5.77 per share.
It was followed by Metro Pacific Investments Corp., up 1.83 percent to P3.90; NOW Corp., down 15.06 percent to P4.23; International Container Terminal Services, down 3.15 percent to P113.90; and PLDT Inc., down 2.99 percent to P1,299 per share.