MANILA, Philippines — Locals stocks opened the week lower as investors opted to pocket gains ahead of the State of the Nation Address (SONA) of President Marcos.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.52 percent or 33.43 points to close the session at 6,379.75.
The broader All Shares index also inched down by 0.09 percent or 3.38 points to 3,793.49.
Luis Limlingan of Regina Capital said the PSEi declined as investors waited for yesterday’s SONA, particularly on messages regarding which industries might receive more support from the government and face stricter regulation as well as the overall direction of the local economy.
“Moreover, investors are still waiting on the PSEi rebalancing that might also affect price reactions on the market,” he said.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected for the third straight trading session as the Aug. 1 deadline for the reciprocal tariffs of the United States draws closer.
All sectoral gauges were in the red, except for services which climbed by 1.52 percent.
Mining and oil recorded the biggest drop at 1.69 percent, followed by property which fell by 0.81 percent.
Trading was robust as total value turnover stood at P6.61 billion.
However, decliners crushed advancers, 108 to 90, while 48 issues were unchanged.
DigiPlus was the session’s top traded stock, soaring by 18.89 percent to P32.10 apiece, followed by ICTSI which rose by 1.3 percent to P466 and BDO which plunged by 2.1 percent to P149.
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