Local equities slip on Maharlika Fund uncertainty

MANILA  -Philippine stocks were mostly lower as investors weighed the impact of a Malacañang-led move to suspend and further study the implementation of the Maharlika fund.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) slipped 0.20 percent, or 12.63 points, to 6,268.27 while the broader All Shares index was down 0.18 percent, or 5.98 points, to 3,385.40.

Executive Secretary Lucas Bersamin issued a new memorandum that suspended the implementing rules of the country’s first sovereign wealth fund, which was created to invest in infrastructure projects and also capital market assets such as stocks.

READ: Marcos suspends Maharlika fund implementation

Meanwhile, data from the stock exchange showed 1.15 billion shares valued at P5.12 billion changing hands while net foreign selling amounted to P32.6 million.

PSE subsectors were mostly lower as property, mining and oil, holding firms and services declined.