Manila, Philippines – Stock prices moved sideways amid mixed investor sentiment, sending the main index down by just 0.07 percent, its second day in the red.
The Philippine Stock Exchange index (PSEi) settled at 6,089.53, near the session’s intraday low.
“The Philippine market remained relatively flat for the second consecutive day despite the PHP stabilizing against the USD,” Regina Capital managing director Luis Limlingan said in a note to investors.
“Moreover, mixed sentiments ahead of the upcoming earnings season likely kept the index moving sideways as investors await more earnings reports in the coming weeks,” he said.
The negative cues from Wall Street contributed to the fall, PhilStocks Financial research manager Japhet Tantiango said.
Overnight, the Dow Jones fell 0.65 percent while S&P 500, by 0.63 percent, amid trade tensions between Washington and Beijing, and uncertainty over the economic outlook. The Nasdaq shed 0.47 percent.
“Investors’ cautiousness prevailed leading to the market’s decline,” Tantiangco wrote.
Five stocks lost for every four that gained, leaving just services and banking sub-indices in the green.
Manila Electric Co. [PSE: MER] dodged the decline. Its shares rose 1.83 percent to P557.00 each.
