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Manila Bulletin devider Business devider The Stock Market devider Local stocks decline on political uncertainty, US credit worries

Local stocks decline on political uncertainty, US credit worries

Published May 22, 2025 04:15 pm
The Philippine Stock Exchange Index (PSEi)  resumed its downward trek after a day’s pause as investors cashed out while waiting to see how the President will reconstitute his cabinet.
The main index dropped 69.98 points or 1.10 percent to close at 6,305.37 with only the Mining sector managing to advance. Volume dipped to 572 million shares worth P6.39 billion as losers beat gainers 112 to 66 with 57 unchanged.
“The local bourse ended in the red as risk-off sentiment prevailed following the US credit downgrade and the Philippines’ widened balance of payments deficit,” said Regina Capital Development Corporation Managing Director Luis Limlingan said.
He added that “Investor caution was further heightened by domestic political uncertainty after President Marcos Jr.’s call for the courtesy resignation of his Cabinet secretaries, seen by some as a possible shift in policy direction.”
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said “The PSEi corrected lower for the 6th day in seven trading days…amid some wait-and-see stance in the markets on the new cabinet appointments after President Marcos asked the courtesy resignation of cabinet secretaries.”
“The PSEi also declined after US stock markets corrected lower for the second straight trading day after concerns over the wider US budget deficit and higher US government debt,” he noted.

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