Local equities slipped on Tuesday as leftover foreign investor selling pulled down the main index amid concerns about Typhoon Ruby (Hagupit) as well as lower-than-expected China trade data.
Resuming from a trading suspension on Monday, the Philippine Stock Exchange index (PSEi) ended down 46.69 points or 0.65 percent to 7,183.87, while the All Shares index lost 24.44 points or 0.58 percent to 4,225.56.
Philippine financial markets were shut on Monday due to the onslaught of Typhoon Ruby.
On Monday, China released November trade data, which showed that exports grew by 4.7 percent, lower than expectations and the 10.6 percent export growth in October.
Miguel Agarao, Wealth Securities Inc. analyst, said the market was down because there was still some foreign investor selling due to worries about Typhoon Ruby along with weakness in gaming stocks.
“The market was down because of the move in China as well as the leftover foreign selling due to fears of Typhoon Ruby. The market will go sideways until the end of the year — 7,000 to 7,400 points,” Agarao said in a text message to The Manila Times.
Among the sectoral indices, only holding firms inched up by 0.13 percent or 8.31 points to 6,345.07.
“Holding firms are just slightly up because many fell a lot last Thursday and Friday. Wall Street had a small effect, on the other hand. It’s more of China and weakness in gaming affecting market sentiment,” Agarao said.
For his part, BPI Securities Corp. chief executive officer Michaelangelo Oyson told The Manila Times that the market was affected by global movements, especially the weakness in currencies of emerging markets.
“The market today took its lead from global markets which succumbed to profit-taking, arising from falling oil prices and weakness in emerging market currencies,” Oyson said.
“While the weaker than expected impact from Typhoon Ruby was a relief for the market, global macro issues could dictate market direction in the next few weeks. Accumulate consumer names on weakness,” he added, citing the usual growth of consumer stocks towards the yearend on Christmas season buying.
Elsewhere in the market, financials were down by 1.27 percent or 21.44 points to 1,669.96, industrials lost 0.34 percent or 39.83 points to 11,833.48, and property slumped by 1.44 percent or 41.10 points to 2,806.46.
Meanwhile, services lost 0.76 percent or 15.89 points to 2,085.16 while mining and oil slipped by 0.59 percent or 92.23 points to 15,586.35.
Only Metrobank ended flat among the most actively traded, while Energy Development Corp., Manila Water Company Inc., and GT Capital Holdings Inc. gained while the rest were losers. The top decliners were PLDT, BDO Unibank Inc., Universal Robina Corp., Bloomberry Resorts Corp., Ayala Land Inc. and SM Prime Holdings Inc.
Decliners outnumbered advancers 104 to 71, while 46 shares were unchanged. Total shares traded reached 1.97 billion shares valued at P8.39 billion.
On Friday, the bellwether stock index declined by 0.95 percent or 69.29 points to 7,230.56, while the All Shares index was down 0.88 percent or 37.90 points at 4,250.