The Philippine Stock Exchange index (PSEi) continued its sideways movement on Wednesday, dropping lower from the previous session after Wall Street retreated overnight.
The benchmark measure fell 1.12 percent, or 82.42 points, to 7,261.54 while the broader all-shares index declined 0.70 percent, or 27.15 points, to 3,855.25.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said growing aversion for risky assets was partly to blame.
“Philippine shares fell following the sentiment abroad as stocks across the region got battered on Tuesday in a volatile start to the holiday-shortened trading week as rising bond yields, persisting rate pressures and an earnings miss by Goldman Sachs weighed on markets,” he said in a note to investors. PSE subsectors ended mixed with mining and oil and industrial rising 0.21 percent and 0.08 percent, respectively.
Property dropped 1.76 percent, followed by financials, down 1.38 percent, services, down 1.15 percent and holding firms, down 1.03 percent.
A total of 859.13 million shares valued at P5.29 billion changed hands while foreigners were net sellers to the tune of P143.67 million.
There were 103 losers versus 75 advancers, while 50 companies closed unchanged, PSE data showed.
Solar Philippines Nueva Ecija Corp. was the most actively traded company as it gained 0.63 percent to P1.61 per share.
It was followed by Emperador Inc., down 1.03 percent to P19.20; Aboitiz Power Corp., up 5.5 percent to P33.55; Ayala Land Inc., down 2.64 percent to P35; and Monde Nissin Corp., down 0.72 percent to P16.58 per share.
Other actively traded companies were International Container Terminal Services Inc., down 3.31 percent to P204.40; SM Investments Corp., down 0.93 percent to P959; and AC Energy Corp., down 0.63 percent to P9.50.