PHILIPPINE SHARES declined on Tuesday on last-minute selling as investors remained cautious amid lingering geopolitical uncertainty and the outlook for corporate earnings.

The Philippine Stock Exchange index (PSEi) slipped 0.17%, or 10.87 points, to close at 6,304.03, while the broader all shares index fell 0.24%, or 8.33 points, to 3,427.04.

“The local bourse ended lower as late-session selling emerged, with investors tracking weakness across regional markets. Sentiment remained cautious amid broad-based declines in neighboring markets. The market closed lower as investors continued to monitor market developments, especially with more earnings results coming in,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Last-minute profit taking sent the local bourse lower, with investors still worried over the uncertainties between the US and Iran,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

The PSEi opened Tuesday’s session at 6,290.44, below Monday’s close of 6,314.90. During the day, it climbed to an intraday high of 6,349.35 before falling to a low of 6,283.09.

Meanwhile, President Donald J. Trump said on Monday that the United States was having “good ‌ talks” with Iran and that there was a chance of a deal, but he warned that US strikes would resume if the negotiations failed to deliver, Reuters reported.

Most sectoral indices ended higher. Mining and oil rose 0.5%, or 80.03 points, to 16,084.05; financials gained 0.35%, or 6.80 points, to 1,928.69; services added 0.17%, or 6.08 points, to 3,435.91; and holding firms edged up 0.01%, or 0.51 point, to 4,422.37.

Industrials, however, declined 1.23%, or 104.52 points, to 8,339.43, while property fell 0.73%, or 14.09 points, to 1,909.94.

Decliners outnumbered advancers, 89 to 78, while 68 issues were unchanged.

“Converge ICT Solutions, Inc. was the day’s index leader, climbing 3.47% to P10.72 on the back of bargain hunting. Manila Electric Co. (Meralco) was the main index laggard, falling 4.66% to P562 following President Ferdinand R. Marcos, Jr.’s proposal to remove system loss charges for consumers,” Mr. Tantiangco said.

Meralco said it is willing to take part in discussions on proposed amendments to the Electric Power Industry Reform Act, adding that it has kept its system loss well below the Energy Regulatory Commission’s 6.5% cap.

Value turnover rose to P6.67 billion on Tuesday, with 790.17 million shares traded, compared with P4.81 billion involving 448.08 million issues on Monday. The rebound in trading value came as investors adjusted positions late in the session, while net foreign buying of P115.12 million reversed the P196.45 million in net selling recorded in the previous session.

Meralco’s controlling shareholder Beacon Electric Asset Holdings, Inc. is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Alexandria Grace C. Magno