Philippines stocks closed little changed on Tuesday, with the benchmark index ticking down to a three-month low after the largest US pension fund delayed a decision on withdrawing from the market.
Traders said investors have adopted a wait-and-see attitude due to rising political risks as the May 10 elections for the president and about 17,000 government posts draw closer.
"Investors are waiting for the results of election. The uncertainty over Calpers' investment in the country also remains an issue," said Spencer Yap, analyst at BPI Securities.
The 33-share main stock index slipped 0.05 percent, or 0.67 of a point, to 1,418.67.
This was its lowest close since December 18, when it ended at 1,410.77.
The index is down 1.64 percent this year.
Telecom giant PLDT, which gained 1.12 percent on Monday after J.P. Morgan added it to its list of top Asian picks, lost five pesos or 0.56 percent to 895 pesos.
PLDT, or Philippine Long Distance Telephone Company, was the most active stock and accounted for 30 percent of trade.
PLDT rival Globe Telecom fell 1.18 percent or 10 pesos to 840 pesos while B shares of power distributor Manila Electric Co lost 1.75 percent or 50 centavos to 28 pesos.
Turnover fell to 408.16 million pesos ($7.25 million) from 578.5 million. In the broader market, losers outnumbers gainers 29 to 12 while 32 issues were unchanged.
The market awoke to news that Calpers had given the Philippines a month to persuade it not to sell $67 million of Manila stocks in what could be a precedent-setting blow to the struggling economy.
BPI's Yap said he expected the index to find support at the 1,380 level.
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