The Philippine Stock Exchange (PSEi) stayed in the red on Friday, Sept. 26, marking a whole week of daily declines, as developments in the United States (US) dampen hopes of aggressive rate cuts by the US Federal Reserve (Fed) and the Bangko Sentral ng Pilipinas (BSP).
The main index shed 15.16 points, or 0.25 percent, to close at 6,027.12, with sectoral indices equally divided.
Volume dipped to 1.66 billion shares worth ₱5.46 billion, as losers outnumbered gainers—110 to 82, with 60 unchanged.
“The Philippine market closed the week without posting a single green candle, reflecting persistent selling pressure,” said Regina Capital Development Corp. managing director Luis Limlingan.
He explained that, “This weakness was largely driven by the absence of strong local catalysts and lingering uncertainties both domestically and in the US, keeping investor sentiment cautious overall.”
US equities closed lower on Thursday, Sept. 25, with all major indexes slipping as traders adjusted to shifting rate expectations. Economic signals tempered optimism around aggressive policy easing, leading to broad but measured selling.
Philstocks Financial research manager Japhet Tantiangco said, “The local market declined for a fifth straight day as dismay over Philippine flood control projects’ corruption issues continued to dampen sentiment.”
“The negative cues from Wall Street and the depreciation of the peso below the ₱58 level against the US dollar also contributed to the drop,” he added.