The benchmark Philippine Stock Exchange index (PSEi) slid lower on Wednesday as it consolidated in the 6,700 level while foreign selling accelerated.
By the closing bell, the PSEi sank 0.70 percent, or 47.35 points, to 6,709.34 while the broader All Shares index slipped 0.56 percent, or 19.77 points, to 3,539.46.
Investors also weighed comments made by Bangko Sentral ng Pilipinas Governor Felipe Medalla on raising interest rates by another 25 to 50 basis points in the Monetary Board’s next meeting in February.
A total of 1.55 billion shares valued at P7.9 billion changed hands. Stock exchange data also showed net foreign selling reaching P1.06 billion.
The PSEi continues to correct lower after failing to break the 6,800 resistance level.
“Failure to test the 6,800 levels could prompt profit-taking and bring back the index to the 6,300/6,500 levels anew,” Jonathan Ravelas, a veteran stock market analyst and financial strategy consultant at e-Methods for Business Management Corp., said on Wednesday.
Subsector gains were led by industrial (+0.38 percent) and mining and oil (+0.28 percent) while financials (-1.53 percent), property (-1.49 percent), services (-0.59 percent), and holdings (-0.29 percent) closed lower.
SM Investments Corp. was the top traded stock as it shed 0.39 percent to P900 per share.
It was followed by International Container Terminal Services Inc., down 1.48 percent to P200; Globe Telecom, down 2.55 percent to P2,060; BDO Unibank Inc., down 0.9 percent to P109.90; PLDT Inc., down 0.91 percent to P1,420; Metro Pacific Investments Corp., down 1.03 percent to P3.84; and Bank of the Philippine Islands, down 3.06 percent to P101.30.
Overall, there were 101 advancers against 89 losers while 48 companies closed unchanged.