The local stock market was flat amid some profit-taking and portfolio rebalancing.
The main index shed 3.38 points or 0.05 percent to close at 6,973.35 with only the Financials and Property sectors managing to advance as the Mining and Oil counter led the decline.
Volume rose to 5.22 billion shares worth P10.71 billion as gainers beat losers 111 to 96 with 53 steady.
“Philippine shares ended flat as investors rotated positions ahead of the FTSE rebalancing and continue to digest the recent release of US economic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “The Fed's two-day policy meeting also started. Consensus continues to expect the first hint about tapering in August or September, followed by a formal announcement in December and the start of tapering at the beginning of next year.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The main index declined amid selling pressure after the market has already rallied by 13.33 percent as of Tuesday from its May 24, 2021 low.“
She added that, “Negative sentiment prevailed as well coming from the overnight performance of the US Markets as investors look ahead to the Federal Reserve's interest rate decision.”
AAA Equities Head of Research Chris said “The PSEi ended just a few points lower, mainly a flat performance as gains in blue-chip banks offset minor losses in holding firms and other issues that rallied in the previous session.”
He noted that, “This shows that investors are allocating some liquidity for day-trading and are cycling through different sectors.”
“We are still not seeing a massive rush to offload shares as most believe that valuations will continue to climb. Current selling pressure is matched by the buying at current price levels, keeping volatility low,” Mangun explained.