The local stock market declined for the third day due to absence of market-moving news.
The PSEi dipped 18.01 points or 0.26 percent to close at 6,924.99 with only the Services and Mining and Oil counters advancing.
Volume remained thin at 1.36 billion shares worth P5.04 billion as losers outnumbered gainers 119 to 82 with 50 steady.
Philippine shares continued to weaken as the market perceived the just-released US Federal Reserve minutes as dovish,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Meanwhile investors repositioned back into the US as the JOLTS job opening climbed to a record high of 9.209 million in May. The job opening rate was unchanged at 6.0 percent, but the hiring rate, quits rate, and layoff rate all declined.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined for a third straight day as catalysts that could spur optimism remain missing.”
He noted that, “The net foreign outflows this Thursday amounting to P838.94 million also contributed to the decline.”
Tantiangco said the low value turnover also implies that many investors are still staying on the sidelines while waiting for compelling factors before they participate in the market.