January 15, 2025 | 12:00am
MANILA, Philippines — Local stocks dropped for the third straight session as investors maintained their cautious stance amid lack of major catalysts.
The benchmark Philippine Stock Exchange index slipped by 0.68 percent or 43.43 points to close at 6,299.67.
The broader All Shares index also finished in the loss column, slipping by 0.46 percent or 17.05 points to 3,687.86.
“Nothing new moving the market. We’re still seeing the market pricing in the likelihood of a more hawkish Fed and buyers are still hesitant to step in,” AP Securities research head Alfred Benjamin Garcia said.
Philstocks Financial research manager Japhet Tantiangco said that investors are primarily waiting for the US’ December 2024 inflation data which could provide clues on the US Federal Reserve’s policy outlook.
Tantinagco said foreign selling contributed to the decline, with foreigners still net sellers with net outflows at P886.66 million.
Net value turnover improved slightly to P4.99 billion from the previous day’s P4.43 billion.
“Still, it was tepid, reflecting weak market participation as many chose to stay on the sidelines amid lingering uncertainties,” Tantiangco said.
Only two indexes managed to post gains during session, with mining and oil jumping by a little over one percent, while property inched up by 0.1 percent.
The industrial index, meanwhile, registered the biggest loss at 1.6 percent.
Market breadth remained negative as decliners crushed advancers, 114 to 68, while 60 issues were unchanged.
Universal Robina Corp. was the session’s most actively traded company and also the worst index performer, plunging by 6.93 percent to P69.80 per share.
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