The Philippine Stock Exchange index (PSEi) slipped on Wednesday but is still within the 6,900 level as investors await economic data releases in the United States while the Philippine peso closed with slight gains.
The benchmark PSEi declined 0.22 percent to 6,958.01, with All Shares slipping by 0.05 percent to 3,759.55 points.
Counters were mixed, with winners led by 3,759.55 whose shares increased by 0.85 percent; followed by Industrial, up by 0.69 percent; and Financials, up by 0.58 percent.
On the other hand, the biggest losses came from the Services index which fell by 0.73 percent followed by Holding Firms and Property, which dropped by 0.54 and 0.43 percent, respectively.
“Philippine shares closed mildly lower after touching an intraday high above 7,000 once again, with investors watching out for more economic data that will reinforce a potential rate cut in September. The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally,” Regina Capital Development Corp. head of sales Luis Limlingan said.
There were more advancers than decliners on midweek trading at 99 to 90, leaving 54 unchanged.
Meanwhile, the peso closed at 56.25 versus the US dollar, according to the Bangko Sentral ng Pilipinas (BSP).
The local currency slightly gained by 0.03 from Tuesday’s 56.28 finish.*PNA
