PSEi slips on profit-taking

MANILA, Philippines — Local stocks ended lower on Tuesday as investors took profits late in the session while remaining cautious over lingering uncertainties surrounding tensions between the United States and Iran.

The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.17 percent, or 10.87 points, to close at 6,304.03.

READ: Trump says ‘good chance’ of progress in Iran talks as foes hold fire

According to Philstocks Financial Inc. research manager Japhet Tantiangco, last-minute profit-taking pulled the market into negative territory as investors continued to monitor geopolitical developments in the Middle East.

“Last minute profit taking sent the local bourse lower with investors still worried over the uncertainties between the US and Iran,” Tantiangco said.

Luis Limlingan, head of sales at Regina Capital Development Corp., said sentiment remained cautious amid broad-based declines in neighboring markets.

Cautious trading

“The market closed lower as investors continued to monitor market developments as more earnings results are still coming in,” Limlingan said.

Despite the decline, trading remained active, with net value turnover reaching P6.32 billion.

Foreign investors also extended support to the market, ending the session as net buyers with net inflows of P115.12 million.

Mining and oil stocks led the sectoral gauges, rising 0.50 percent. Industrials, meanwhile, posted the steepest decline, falling 1.24 percent.

Among index members, Converge ICT Solutions Inc. emerged as the day’s top performer after climbing 3.47 percent to P10.72, buoyed by bargain hunting following recent losses.

On the other hand, Manila Electric Co. sank 4.66 percent to P562 per share, making it the session’s biggest laggard.

Analysts said the decline came after President Ferdinand Marcos Jr. proposed removing system loss charges paid by electricity consumers, raising concerns over the potential impact on the country’s largest power utility.

READ: Marcos wants electricity system loss charges scrapped

The mixed session reflected investors’ cautious stance as external geopolitical risks continued to cloud market sentiment.

While foreign buying and healthy trading activity provided some support, profit-taking ahead of fresh developments in the Middle East ultimately outweighed the gains, leaving the local bourse modestly lower by the closing bell. /pai INQ