Philippine stocks fall for second session as investors weigh earnings
The PSEi closed at 5,660.55, while mining and oil led sector losses and trading turnover rose to ₱7.52 billion.
Philippine equities recorded a second consecutive decline, with the Philippine Stock Exchange index losing 32.65 points, or 0.57 per cent, to finish at 5,660.55 as investors remained cautious without new market catalysts.
The All Shares index ended at 3,175.76 after dropping 24.86 points, or 0.78 per cent. Every sector finished lower, led by a 3.91 per cent fall in mining and oil. Declining stocks outnumbered gainers, 131 to 41.
Denise Joaquin, a research analyst at COL Financial Group, said investors were still assessing companies’ third-quarter earnings and the announced November MSCI changes. The rebalancing will remove Meralco from the MSCI Philippines Standard Index and move PLDT to the Small Cap Index.
AB Capital Securities attributed the regional weakness to concerns over US Federal Reserve tightening and a stronger dollar. It said the PSEi held the 5,600 support level despite heavier turnover, indicating some buying interest.
Trading value increased to ₱7.52 billion from ₱6.08 billion in the preceding session. ICTSI led trading and ended flat at ₱780 per share. Mynt followed, rising 3.33 per cent to ₱7.45, while Ayala fell 0.54 per cent to ₱557.
