Philippine shares close slightly down

Local share prices slipped slightly on Wednesday amid profit taking and fresh growth concerns in the eurozone and China, the world’s second-largest economy.

The upward revision of the country’s credit-rating outlook by Moody’s Investor Service helped stave off a bigger fall, but the benchmark Philippine Stock Exchange Index (PSEi) still ended the day in the red at 5,018.32.

The PSEi was virtually flat, with only 4.8 points, or 0.1 percent, lost from the previous trading session. The all-shares index fell by a similar amount, losing 3.43 points, or 0.1 percent, to close at 3,348.73 points.

Decliners outnumbered advancers 89 to 79 while 26 shares remained unchanged. Volume was modest yet again with 1.82 billion shares worth P6.59 billion changing hands.

Four of the six sub-sector indices were down, led by mining and oil shares that lost an average of 1.95 percent. Meanwhile, the services and industrial sectors closed higher, gaining 0.77 percent and 0.57 percent, respectively.

The index reached an intra-day high of 5,070.56, fueled by “second-wind responses to Moody’s latest credit rating upgrade on the Philippines plus positive views over government’s roll-out of ‘PPP’ projects,” one brokerage said.

The PSEi eventually succumbed to heavy selling later in the day as investors booked profits made during the preceding three-day rally.

Asian shares, meanwhile, fell on Wednesday after China policymakers said they saw downside risks to growth this year.