Continued profit-taking again pulled the stock market down on Wednesday and analysts said news that North Korea had fired its most powerful ballistic missile to date had also weighed on trading.
The bellwether Philippine Stock Exchange index (PSEi) fell by 0.46 percent or 37.85 points to close at 8,254.03 while the broader All Shares shed 0.17 percent or 8.04 points to finish at 4,846.63.
“I think the … recent [ballistic missile test]of North Korea affected the markets including the Philippines and then … profit-taking continued given that there’s no real market-moving news for now,” First Grade Finance, Inc. Managing Director Astro del Castillo said.
While the Senate has approved its version of the tax reforms proposed by the government, del Castillo noted this still has to be reconciled with the House of Representatives’ bill.
“[T]he bicameral [conference]will still happen before any enactment. I think, therefore, the market is still waiting for the tax package before being aggressive…,” he added.
“For now, given the run-up [in the]last few weeks … siguro consolidating lang tayo (we will likely continue consolidating) within this level, 8,200 to 8,300 until Friday while waiting for more news,” Del Castillo said.
Sectoral results mixed with financials, services, and mining and oil posting gains.
Over 1.29 billion issues worth P18 billion were traded.
Losers led winners, 104 to 85, while 51 issues were unchanged.