PSEi tumbles to 10-month low
Philippine stocks extended their decline on Thursday as lower economic growth forecasts and rising US Treasury yields kept investors on the sidelines.
The benchmark Philippine Stock Exchange Index (PSEi) fell 1.12 percent, or 65.12 points, to close at 5,730.02, its fifth straight session in negative territory.
This was the lowest finish of the index since Nov. 14, 2025, when it ended at 5,584.35, according to Philstocks Financial Inc.
Philstocks said investors turned cautious after S&P Global Ratings and the Asian Development Bank (ADB) had downgraded their 2026 growth forecasts for the Philippines.
S&P Global Ratings cut its projection to 2.9 percent from 4.1 percent. The ADB, meanwhile, lowered its forecast to 3.3 percent from 3.8 percent.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the revisions — rooted from the weaker-than-expected first half and persistent economic headwinds — added to concerns over the pace of the local market recovery.
Negative spillovers from Wall Street also weighed on the local market as rising US Treasury yields weakened risk appetite.
Trading remained lethargic, with net value turnover reaching only P4.63 billion.
Foreign investors continued to pull funds out of the market, recording net outflows of P749.31 million.
Most sectoral indices closed lower. Conglomerates were the sole gainers after rising by 0.43 percent.
Mining and oil suffered the steepest decline, plunging by 3.79 percent.
Among index members, Ayala Corp. led the gainers after advancing by 3.09 percent to P500 per share.
Manila Electric Co. was the biggest index laggard, falling by 3.46 percent to P447 per share.
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