MANILA, Philippines — Local stocks fell for a second straight session on Wednesday as profit-taking in index heavyweight International Container Terminal Services Inc. (ICTSI) and higher oil prices weighed on sentiment alongside a weaker peso.
The benchmark Philippine Stock Exchange Index (PSEi) dropped 1.04 percent, or 65.95 points, to close at 6,267.85.
Philstocks Financial Inc. said profit-taking in ICTSI kept the market under pressure, dragging the main index lower.
Wait-and-see trading
Investors remained cautious as rising oil prices, a record-low peso and the Iran conflict fueled uncertainty.
“The selling pressure pushed the benchmark index below the 6,300 level as sentiment remained subdued. Attention is likely to remain on currency movements and broader market conditions in the near term,” Luis Limlingan, head of sales at Regina Capital Development Corp., said.
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Trading activity eased, with net value turnover at P5.77 billion, as investors awaited clearer market signals.
Foreign investors remained net sellers, posting net outflows of P655 million.
Sectoral performance was mixed. Mining and oil led the gains, advancing 1.30 percent, while the services sector posted the steepest decline, falling 3.01 percent.
Among index members, Semirara Mining and Power Corp. emerged as the day’s biggest gainer after climbing 3.11 percent to P21.55.
ICTSI led decliners, falling 3.90 percent to P960 as investors locked in gains after the stock’s recent rally.
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Analysts said Middle East tensions, rising oil prices and weaker risk appetite weighed on the market.
Analysts said investors will likely remain selective until uncertainty over global markets, oil prices and the peso eases. /pai INQ