PHILIPPINE shares were lower at midday with sentiment dampened by the declines on Wall Street following the release of US February inflation data and losses in technology stocks.
The bellwether Philippine Stock Exchange index (PSEi) fell 116.99 points or 1.39 percent to end at 8,302.58 at the noon break. The broader All Shares dropped 53.06 points or 1.05 percent or to 5,014.10.
“An early retreat … [is]on the cards in the Philippines this morning as Wall Street extended its losses for the second session running. [The technology index] was the key loser in the US, shedding 1.2 percent at the close,” Regina Capital Development Corp. Managing Director Luis Limlingan said.
Limlingan said the benchmark index may test the 8,400 level within the day “but trading action looks range-bound.”
Meanwhile, Summit Securities, Inc. President Harry Liu said the market was a little cautious as US inflation, alongside an expected rate hike, may gyrate in the medium term.
“These developments are not the crisis so far except that the market is a bit cautious and the Holy Week is coming so this will prompt a financial drawdown,” he said.
Only the mining and oil sector was higher, up 0.54 percent, while the rest of the counters slipped. ANGELICA BALLESTEROS