Local bourse slightly slips on Wednesday trade

The local stock market on Wednesday slightly slipped by 0.80 points, or 0.01 percent, to close at 6,882.12.

Sectors were split, with Banking leading the gainers, increasing at 0.99 percent, followed by Miners up by 0.29 percent, and Properties by 0.10 percent.

Among the indices, the Bank of the Philippine Islands was the top index performer, climbing 2.60 percent to P126.20.

Industrials and Services led the red territory, dropping by 1.02 percent and 0.20 percent, respectively.

Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the sentiment was affected by the negative spillovers from Wall Street amid renewed concerns over the US economy’s health.

“The local bourse fell as low as 6,759.93 intra-day but had its losses trimmed on the back of bargain hunting,” he said in a Viber message, further noting that trading was still tepid as investors await the Philippine inflation data for August.

The net market value turnover was P4.71 billion, with Decliners outweighing Advancers at 113 to 76. Meanwhile, 54 names remain unchanged.

The peso closed at P56.58 as against the dollar.