PSE index slips as market looks for new catalysts

The main index slipped on Thursday to end its three-day climb, with the market moving sideways in the absence of fresh leads.

The benchmark Philippine Stock Exchange index (PSEi) edged down by 0.43 point to close at 6,093.67, while the broader all shares index inched up by 0.03% or 1.32 points to 3,672.20.

“The market ended flat on the lack of new catalysts,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

“The local market inched down amid last-minute profit taking,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Investors booked gains following a three-day rally, which got extended in the middle of today’s trading.”

The PSEi opened Thursday’s trading session at 6,104.47, rising from Wednesday’s close of 6,094.10. It climbed to a high of 6,130.17 but gave up its gains due to profit taking, finishing the session at its intraday low.

He added that trading activity remained weak, “reflecting weak market confidence amid lingering concerns, including the Philippines’ corruption issues and their impact on local economic growth, and renewed US-China trade tensions.”

Philippine economic growth may slow until early 2026 as the controversy surrounding anomalous infrastructure projects dampens government spending, Finance Secretary Ralph G. Recto said on Tuesday. Despite this, he said he remained confident that gross domestic product growth would still meet the lower end of the government’s 5.5% to 6.5% goal this year.

Value turnover increased to PHP 9.82 billion on Thursday with 3.12 billion shares traded from Wednesday’s PHP 7.89 billion with 2.58 billion shares changing hands.

“The PSEi ended flat as both buying and selling pressures showed strength throughout the session. Some investors are likely positioning themselves ahead of the earnings season, with several companies already releasing their reports,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Sectoral indices ended mixed on Thursday. Services dropped by 1.09% or 25.62 points to 2,304.66; industrials retreated by 0.73% or 66.51 points to 8,932.49; and mining and oil decreased by 0.66% or 100.91 points to 15,064.26.

Meanwhile, holding firms increased by 0.88% or 43.22 points to 4,911.37; property rose by 0.65% or 14.73 points to 2,272.33; and financials climbed by 0.39% or 8.02 points to 2,055.79.

“San Miguel Corp. led the index for the day, jumping 5.87% to PHP 60.40. Monde Nissin Corp. was at the tail end, falling 3.47% to PHP 7.24,” Mr. Tantiangco said.

Advances outnumbered decliners, 108 to 92, while 58 names closed unchanged.

Net foreign selling went down to PHP 148.75 million on Thursday from PHP 233.37 million on Wednesday. — Sheldeen Joy Talavera