The local stock market ended slightly lower after trading in the green most of the day.
The main index shed 11.44 points or 0.18 percent to close at 6,274.80 as the Mining and Oil counter continued to lead most indices higher while only Property and Holding Firms declined. Volume improved to 733 million shares worth P5.03 billion as gainers beat losers 103 to 81 with 40 unchanged.
“Philippine shares were flat as fund managers’ attention was diverted to the US, with traders betting on robust corporate earnings reports and wagered that markets had found a bottom,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He also noted that, “Fitch Ratings analyst for the Philippines Sagarika Chandra said that they expect economic activity to remain strong over the next few quarters.” However, inflationary pressures from high commodity and food prices are the downside risks.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bucked the regional trend when it lost ground as investors booked gains from its preceding 2-day rally.”
“Local inflation worries amid the supply problems in certain key food items, and Fitch Ratings’ downward revision of their Philippine economic growth forecast dampened sentiment,” he added.