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Philippine stocks remained cautious amid weak manufacturing data and concerns about rising unemployment rates amid lower Wednesday.
The benchmark Philippine Stock Exchange Index (PSEI) fell 0.04% or 2.62 points, closing 6,120.09. The broader all-share index was barely changed, down 0.24 points to 3,691.35.
“The decline in manufacturing output may lead to emotional stress, which intensifies caution,” Luis A. Limlingan, head of sales at Regina Capital Development, said in a Viber message. “Participants are now looking for upcoming economic data and revenue to guide their next move.”
He noted that Wall Street expanded its earnings overnight, and the U.S. benchmarks tested a new record after optimistic work data strengthened the Fed’s expectations for policy adjustments.
Locally, the Philippine Statistics Agency (PSA) reported that the country’s unemployment rate rose to July due to employment disruptions caused by typhoons and monsoon rainfall, the highest in July, and that market sentiment was further weakened.
This translates to 2.59 million Filipinos, up from 2.38 million in the same period last year and 1.95 million in June.
AP Securities, Inc. In the market notes, early earnings are surrendered as investors digest the effects of recent weather barriers, which reflects the effects of recent weather barriers.
Net Sale Net Sale Net Sale narrowed to 41.35 million from the previous day’s P21589 million range.
The sector indexes are mixed together. Services saw the highest decline, down 1.76% or 38.73 points to 2,157.55. Mining and oil fell 0.67% or 77.12 points to 11,307.22, industry fell 0.28% or 25.88 points to 8,971.96, and holdings in the company fell 0.08% or 4.27 points to 5,045.45.
On the other hand, property rose 1.26% or 31.73 points to 2,532.1, while finance rose 0.88% or 17.93 points to 2,047.53.
Value turnover increased to 7.28 billion shares, with 5.96 billion shares changing hands, up from 6.23 billion shares on Tuesday, involving 1.99 billion shares.
The market breadth is positive, with 97 winners defeating 91 losers, while 69 stocks remain unchanged.
