The local stock market opened the week with a flat performance with no fresh leads in sight.
The benchmark Philippine Stock Exchange index (PSEi) declined for a third straight session, inching down by 0.09 percent or 5.46 points to end at 6,084.07 yesterday.
The broader All Shares index also slipped by 0.09 percent or 3.16 points, settling at 3,661.92.
‘The PSEi edged lower as the market remained cautious ahead of the earnings season,’ Luis Limlingan of Regina Capital said.
Early in the trading day, however, Limlingan said that some buying pressure emerged as uncertainty from the US eased after President Donald Trump signaled a possible tariff cut.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi corrected marginally lower for the third straight trading session after the Bangko Sentral ng Pilipinas reported a smaller balance of payment surplus in September.
Overall, total value turnover was anemic at only P3.65 billion.
Sectoral gauges were dominated by those in the red territory, with mining and oil taking the deepest plunge at 2.54 percent.
Property and industrial indexes, meanwhile, managed to pull off gains, rising by 0.55 percent and 0.28 percent, respectively.
Market breadth was negative as decliners squashed advancers, 122 to 75, while 50 issues were unchanged.
ICTSI was the session’s top traded, declining by 0.65 percent to P539 per share, followed by BDO Unibank and Ayala Land which fell by 0.79 percent and 0.44 percent, respectively, to P138.60 and P22.45.