PSEi extends slump to fifth day
Local stocks fell on Tuesday, extending losses to a fifth straight session as investors stayed cautious over geopolitical tensions and rising inflation risks.
The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.58 percent or 34.36 points, to close at 5,866.79.
Philstocks Financial research manager Japhet Tantiangco said sentiment remained fragile as investors monitored the situation between the United States and Iran, with no clear resolution in sight.
Market participants also continued to price in higher inflation and interest rate expectations for the local economy, adding pressure on equities.
The peso’s decline past the 61-per-dollar level further dampened sentiment, raising concerns over imported inflation and capital flows.
“The weaker currency heightened inflation and policy concerns, prompting investors to reduce risk exposure. The market remained cautious ahead of upcoming economic data releases,” Ron Acoba, chief investment strategist at Trading Edge Consultancy, said.
Despite the drop, trading was active, with net value turnover reaching P6.92 billion, above the year-to-date average of P6.40 billion.
Foreign investors remained net sellers, recording net outflows of P878.07 million, underscoring persistent risk aversion.
Sectoral performance was mostly negative, with only the mining and oil and conglomerates posting marginal gains of 0.07 percent and 0.05 percent, respectively.
Industrials led the decline, falling 1.32 percent, as the broader market stayed under pressure.
Market breadth was weak, with only nine index gainers for the session.
