PHILIPPINE SHARES retreated on Thursday, ending a three-day rally as investors cashed in profits and took a cautious approach ahead of the release of May inflation data and amid continued uncertainty in the Middle East.
The Philippine Stock Exchange (PSEi) index fell 0.69% or 41.24 points to close at 5,911.93, while the broader index of all shares fell 0.48% or 16.24 points to end at 3,323.08.
“The local market retreated after three consecutive days of rally as investors took advantage of the ongoing tensions between the US and Iran. Israeli Prime Minister Benjamin Netanyahu said that the US and Israel are ready to strike Iran again if necessary, following the latest attack. This has led to fears that oil prices may rise again,” said Philstocks Financial, Inc. The message of O.
“The Philippine market ended lower as profit-taking took place following three consecutive days of gains. Investors remain selective in their position as they await the release of the latest inflation data tomorrow. Cautious sentiments kept overall trading moderate, with market participants looking for clues about the direction of interest rates and the broader economy,” said Regina Capital Development Corp. Head of Vimbelar Development Corp.
Israel and Lebanon have agreed to implement a ceasefire agreement, the Trump administration said on Wednesday, raising hopes for a comprehensive deal to end the US-Israel war in Iran, Reuters reported.
Last week, Iran and the US signed progress on the first agreement to stop the war and reopen the border, but the two sides have not signed the agreement, which will leave complex negotiations in the future.
Meanwhile, inflation in the Philippines may have risen to 7.9% last month from 7.2% in April and 1.3% a year earlier, according to the average of 16 economists polled. BusinessWorld. This will be the fastest pace in three years or from 8.6% in February 2023.
Most industrial indexes were closed on Thursday. Services fell by 2.22% or 70.03 points to 3,074.85; mining and oil decreased by 1.41% or 255.64 points to 17,810.58; the commodity decreased by 0.76% or 14.22 points to 1,848.94; industrials fell 0.3% or 25.10 points to 8,303.71; and holding firms decreased by 0.26% or 11.31 points to 4,313.31.
Meanwhile, financial instruments rose by 1.29% or 23.06 points to 1,808.55.
Decliners outnumbered advancers, 105 to 68, while 70 names were unchanged.
“Century Pacific Food, Inc. was the best performer on the day, up 4.37% to P26.30. Ayala Land, Inc. was the worst performer on the day, down 4.76% to P14,” said Mr. Tantiangco.
The stock fell to P7.002 billion on Thursday with 377.84 million shares traded from P8.04 billion and 451.88 million issues on Wednesday.
Net exports amounted to P298.93 million, a change of P53.01 million from net purchases in the previous period. – Alexandria Grace C. Magno
