Philippine stocks slipped for seventh straight trading day on lack of fresh leads and continued depreciation of the peso against the dollar.The bellwether Philippine Stock Exchange index closed at 6,344.56 Thursday, down 21.47 points, or 0.34 percent, from the previous trading day, while the wider all-shares index rose 1.85, or 0.05 percent, to settle at 3,440.31.
Foreign investors remained net sellers, recording a net outflow of P552.2 million. Value turnover was thin at P3.86 billion. Traders are closely following the utterances of US central bank officials on their outlook for rates, with most warning that while inflation was on a downward trajectory, they wanted to see more evidence before committing to a cut.
However, there is some concern that the rally, which has been largely driven by a voracious appetite for tech and all things related to artificial intelligence, could see a correction at some point. Shares in Tokyo, Seoul, Wellington, Taipei, Mumbai and Jakarta edged up but Hong Kong, Shanghai, Sydney, Bangkok, Manila and Singapore were in the red.Paris was also up as traders eyed developments in France ahead of polls at the end of the month, with President Emmanuel Macron’s centrist alliance in third place behind far right and left parties.
Investors are also awaiting a Bank of England policy decision later in the day, when it is expected to stand pat on rates at a 16-year high owing to ongoing price risks, analysts said.