PSEi slips as market digests mixed Q1 earnings
MANILA, Philippines – Local stocks fell anew as investors remained wary over the lingering geopolitical conflict between the United States and Iran amid mixed first-quarter corporate earnings results.
The benchmark Philippine Stock Exchange Index (PSEi) on Wednesday dropped 0.42 percent or 25.20 points, to close at 5,946.78, extending its decline for another trading session.
According to Philstocks Financial research manager Japhet Tantiangco, investors continued to grapple with uncertainties surrounding the US-Iran situation as both sides remained without a peace deal.
READ: Trump rejects Iran peace terms, Tehran warns of new attacks
Market participants were likewise watching for developments in the ongoing US-China talks.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said the PSEi ended lower as investors adjusted positions following the MSCI Philippines Index rebalancing.
“Selling pressure weighed on select stocks, keeping overall market sentiment cautious. Investors also remained reactive to ongoing earnings releases, driving selective trading across the market,” Limlingan said.
Despite the decline, trading remained active, with net value turnover reaching P7.34 billion.
Foreign investors provided some support to the market after ending the session as net buyers, with inflows amounting to P284.85 million.
Among sectoral indices, only the banks managed to finish in positive territory, gaining 0.81 percent. Industrials suffered the steepest decline after shedding 1.64 percent.
Universal Robina Corp. emerged as the day’s top index gainer, climbing 2.98 percent to P62.30 per share.
Meanwhile, Converge ICT Solutions Inc. was the session’s biggest laggard, tumbling 11.15 percent to P11 apiece.
Analysts said investor sentiment remained fragile as markets continued to monitor geopolitical developments and their potential impact on inflation, oil prices and global economic growth.
Lingering uncertainty overseas, coupled with uneven corporate earnings at home, kept many investors on the sidelines despite continued foreign buying support. /pai
