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Manila Bulletin devider Business devider The Stock Market devider PSEi plunged on US ratings downgrade, wide local BOP deficit

PSEi plunged on US ratings downgrade, wide local BOP deficit

Published May 20, 2025 04:15 pm
The PSEi fell today, its fifth straight day of declines, on delayed reaction to the Moody’s downgrade of its credit rating for the US.
The main index dropped by 119.51 points or 1.85 percent to close at 6,335.33 with the Services sector leading the retreat across the board. Volume rose to 1.35 billion shares worth P7.31 billion as losers beat gainers 126 to 62 with 55 unchanged.
“Philippine shares extended their decline as investors grew more wary, opting to scale back their holdings after initial optimism waned following Moody's U.S. downgrade,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said “The PSE also corrected lower after higher local fuel pump prices lately; some political noises recently; the latest year-on-year and month-on-month decline in local vehicle sales; and the fourth widest local balance of payments deficit data on a monthly basis.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market plunged as investors dealt with the further widening of the Philippines' balance of payment deficit last April which hit $5.52 billion.
“Investors also digested the 10 percent drop in new vehicle sales in the Philippines, taking it as a sign of challenged consumption in the country.”

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Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Rizal Commercial Banking Corporation Michael L. Ricafort Philstocks Financial Japhet Tantiangco
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