October 9, 2024 | 12:00am
MANILA, Philippines — The local bourse ended in red territory yesterday as investors pocketed some gains following a two-day rally.
The Philippine Stock Exchange index (PSEi) retreated by 17.43 points, finishing 0.23 percent lower at 7,537.25, while the broader All Shares index slipped by 0.14 percent or 5.56 points to 4,077.41.
Philstocks Financial Inc. research manager Japhet Tantiangco said the PSEi pulled back due to profit-taking.
“The negative cues from Wall Street driven by the rise in Treasury yields and the weakening of the local currency also weighed on the bourse,” Tantiangco said.
Apart from elevated treasury yields in the US, Regina Capital Development Corp. managing director Luis Limlingan said that rising oil prices also dampened investor sentiment.
Domestic pumps increased this week due to escalating tensions in the Middle East after Israel signified plans to attack Iran’s oil refineries, which could lead to supply disruption.
“Investors are keeping a close eye on key economic data this week, with the Fed meeting due on Wednesday and the CPI (consumer price index) report scheduled for Thursday,” Limlingan said.
Trading was still active, resulting in a net market value turnover of P5.87 billion — higher than the year-to-date average of P5.22 billion. Foreigners were still net buyers, with net inflow amounting to P428.08 million.
Among sector indices, the services index posted the highest gains of 0.86 percent. The property index, on the other hand, was the biggest loser, declining by 2.48 percent.
Market breadth stayed positive, with advancers edging out decliners, 109 against 97, while 54 issues were unchanged.
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