The Philippine Stock Exchange index (PSEi) closed marginally lower on Wednesday at 6,120.09, down by 0.04 percent, as late-day profit-taking tempered gains.

Investors weighed the latest labor market data showing a 3.4 percent year-on-year drop in employment and a 9.2 percent rise in unemployment for July. The peso’s weakness against the US dollar also added pressure on sentiment.

Market activity was brisk, with net value turnover reaching P6.32 billion, above the year-to-date average of P5.96 billion. Foreign investors were net sellers with outflows of P41.35 million.

By sector, property stocks led with a 1.27 percent gain, while services lagged with a 1.76 percent drop. Market breadth was slightly positive, with advancers edging decliners, 97 to 91.

“The market stayed relatively flat as investors awaited a clearer catalyst before taking new positions,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.

“The decline in manufacturing output likely weighed on sentiment, adding to caution. Participants now look to upcoming economic data and earnings to guide their next moves.”

Limlingan added that overseas markets continued to provide contrast, as “US stocks continued their climb, with the major indices setting new records as investors reacted positively to recent data releases. The latest jobs figures have reinforced expectations for upcoming policy adjustments, which have helped to bolster sentiment and fuel this rally.”

Meanwhile, the peso closed at 57.13 against the US dollar, weaker than Tuesday’s 56.98 finish, according to data from the Bankers Association of the Philippines.