PSEi rally fizzles out on profit-taking
Philippine stocks retreated at the start of the trading week as investors pocketed profits late in the session, snapping a four-week rally amid renewed global and currency-related concerns.
The Philippine Stock Exchange Index (PSEi) fell by 26.89 points or 0.42 percent on Monday to close at 6,437.78, weighed down by last-minute selling pressure following recent gains.
Market sentiment was dampened by worries over renewed tariff threats from the United States against selected European countries, as well as lingering concerns linked to geopolitical tensions involving Greenland.
Philstocks financial research manager Japhet Tantiangco said adding to the cautious mood was the peso’s continued weakness against the US dollar, which further discouraged risk-taking and contributed to the market’s pullback.
Foreign investors were net sellers for the day, posting net outflows of P30.34 million, the first recorded for the year.
Trading activity remained subdued, with net value turnover reaching only P4.96 billion.
Sectoral performance was mixed, with services emerging as the lone leader, rising by 0.55 percent.
In contrast, banking stocks dragged the market, with the sector sliding 1.22 percent to end at the bottom of the index.
Market breadth was negative, as decliners outpaced advancers, 112 to 87.
On the corporate front, Semirara Mining and Power Corp. led the index gainers, climbing 4.26 percent to P31.80.
Meanwhile, DigiPlus Interactive Corp. was the worst-performing index stock, shedding 4.43 percent to close at P15.10.
Despite the day’s decline, the benchmark index remained near recent highs, reflecting lingering optimism after the market’s recent rally, though investors appeared more inclined to take profits while monitoring external risks and currency movements.
