The Philippine stock market pulled back on Wednesday as investors took profits after four straight days of gains.
Five of the six sectoral indices ended in the red. Financials dropped 2.02 percent, while services slipped 0.71 percent. Holding firms decreased 0.55 percent, while property and industrial edged lower by 0.42 percent and 0.17 percent, respectively. Mining and oil surged 2.83 percent. However, after a bumper start to the day — building on Tuesday’s rally and following a record performance on Wall Street—most other markets fell as traders took a breather.
The moves suggest Beijing is giving way to calls to boost the world’s number two economy as it struggles to recover from the Covid-19 pandemic, even after the removal of painful restrictions at the end of 2022.