Philippine Stock Exchange Index Drops for Fifth Consecutive Day Amid Global Economic Concerns

MANILA – The Philippine Stock Exchange index (PSEi) extended its losing streak for a fifth day on Tuesday, as the market awaits a more favorable catalyst amidst ongoing global economic concerns. The peso saw marginal movement, ending the day almost unchanged.

According to a new release by the Philippines News Agency, Inc., the main index declined by 48.72 points or 0.80 percent to close at 6,039.72. The broader All Shares index also saw a drop, losing 18.37 points to finish at 3,284.69. Claire Alviar, assistant research manager at Philstocks Financial, Inc., cited issues such as the Israel-Hamas conflict, high-interest rates, and inflation as contributing factors to the negative sentiment. Foreign investors registered a net selling of PHP633.34 million.

All sectoral indices recorded losses, with the Property counter experiencing the most significant decline of 0.85 percent. The net market value turnover on Tuesday was PHP2.34 billion, and losers outnumbered gainers 100 to 72. Shares of 57 firms remained unchanged.

As for the Philippine peso, it closed sideways at 56.76 against the US dollar, a minor improvement from Monday’s closing rate of 56.84. The local currency opened at 56.78 and fluctuated between 56.71 and 56.79 throughout the day, resulting in an average level of 56.75. The trade volume increased to USD1.06 billion, up from USD950.5 million on Monday.