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Philippine shares closed at a two-week low on Wednesday as investors booked profits in financial stocks, while most Southeast Asian markets ended lower.
The country's biggest banks BDO Unibank Inc, Bank of the Philippine Islands and Metropolitan Bank and Trust Co lost between 0.7% and 2.3%.
"I think this is more of a profit-taking for the banking sectors as the rally in the last couple of trading days were led by rally from the banks" said Miguel Ong, a research analyst with AP Securities.
Jollibee Foods Inc fell 8% to its lowest close in over nine months and was the worst performer on the benchmark.
The stock was sold heavily after the Asian fast-food giant said it would to acquire US brand Coffee Bean & Tea Leaf for $100 million to continue its push for an expansion outside its home market.
"A lot of foreign investors are iffy regarding the acquisition, since the acquisition of Smashburger in 2015 has not resulted in better earnings for Jollibee," Rachel Cruz, a research analyst with AP Securities said.
Meanwhile, cautious investors pulled money from other Southeast Asian markets ahead of the European Central Bank's meeting on Thursday, and the US Federal Reserve's much-anticipated policy decision the following week.
"There is more potential for downside risk rather than upside risk. So I think investors are seeing this as little bit more of an opportunity to take profit rather than a long-term investment opportunity" said Taye Shim, head of research, Mirae Asset Sekuritas.
Indonesia's benchmark fell to a two-week trough with growth concerns weighing on the sentiment.
With Bank Indonesia slashing interest-rates recently, Southeast Asia's second-biggest economy's second-quarter GDP is expected to be "pretty much at a higher risk of disappointment rather than a positive surprise", Shim added. Singapore and Malaysian shares ended the session slightly lower.

Copyright Reuters, 2019

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