The main composite index of the Philippine Stock Exchange ended slightly lower Tuesday, but stayed above the 7,500 level, on technical correction after previous day’s rally.
The 30-company Philippine Stock Exchange index lost 17.43 points, or 0.23 percent, to close at 7,537.25, while the wider all-shares index dipped 5.56 points, or 0.14 percent, to settle at 4,077.41.
“Philippine share slipped as investors faced headwinds with rising oil prices and evaluated treasury yields which dampened market sentiment,” Regina Capital and Development Corp. head of sales Luis Limlingan said.
The peso also slid to 56.90 against the US dollar Tuesday from 56.82 Monday over rising crude prices.
Global crude prices have been going up amid concerns over potential Israeli strike versus Iran.
Limlingan said investors were also keeping a close eye on key economic data this week, including the US Federal Reserve’s meeting minutes due on Wednesday and US inflation rate report scheduled on Thursday.
Services was the top gaining index for the day, up by 0.86 percent, while banks rose 0.72 percent. The property index lost the most, down 2.48 percent, while mining and oil decreased by 0.72 percent.
Value turnover reached P5.87 billion. Foreign investors were still net buyers, with net inflows reaching P428 million. Overseas investors have been net buyers of Philippine equities since beginning of July 2024.
Manila Electric Co. was the top index gainer, rising by 2.95 percent to P489, while Ayala Land Inc. was at the bottom, falling by 4.84 percent to P36.40.
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