MANILA, Philippines - Investors took profits from the stock market yesterday but the mining stocks defied the trend following the decision of the Commission on Appointments to reject the appointment of Gina Lopez as environment secretary.
The benchmark Philippine Stock Exchange index (PSEi) lost 20.84 points, or 0.27 percent, to finish at 7,682.26 while the broader All Shares was down 1.45 points, or 0.03 percent, to finish at 4,603.12.
Total value turnover reached P6.413 billion. Advancing stocks outnumbered decliners, 98 to 92 while 52 issues were left unchanged.
The CA rejected Lopez whose appointment as environment secretary was mired by controversy and intense lobbying by mining companies who were against her pro-environment stance.
Meanwhile, Asian stocks were mixed on Wednesday, moderating after earlier strong gains on positive global earnings and manufacturing data, while expectations that the US Federal Reserve will signal a June rate increase later in the session lifted the dollar.
Futures traders were on Wednesday pricing in a 63 percent chance of a June rate hike, according to the CME Group’s FedWatch Tool, which was predicting an almost 72 percent chance a week ago and a 59 percent chance a month ago.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent on Wednesday, after touching a near two-year high earlier in the day.