PSEi drops to 2026 low as peso weakens

Philippine stocks fell for a third straight session on Friday, closing at their lowest level this year as a weaker peso and a downgrade to the country’s growth outlook weighed on sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) shed 67.06 points, or 1.18 percent, to close at 5,593.49, slipping below the 5,600 mark.

Philstocks Financial Inc. said investors continued to take profits as they digested recent corporate earnings reports.

Fitch Solutions’ BMI also cut its growth forecast for the Philippines, adding to concerns over the economy.

The peso came under renewed pressure after the latest US inflation data bolstered expectations of a Federal Reserve rate hike, Philstocks said.

Investors also stayed cautious ahead of next week’s Association of Southeast Asian Nations, or Asean Summit, where regional economic and geopolitical issues are slated to be discussed.

Net value turnover reached P5.19 billion. Foreign investors were net sellers, with net outflows of P260.51 million.

Financials were the only sector to advance, gaining 0.99 percent.

At the PSEi, Puregold Price Club Inc. led the gainers with a 4.11-percent rise.

International Container Terminal Services Inc., or ICTSI, was the biggest decliner, falling 4.23 percent.

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Toby Allan Arce, head of sales trading at Globalinks Securities and Stocks Inc., said a decisive break below the 5,580-to-5,600 support zone could trigger more selling.

Arce pegged initial resistance at 5,700 to 5,750, saying a sustained move above that range would improve the near-term outlook if backed by higher turnover and broader market participation.

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