Philippine stocks failed to hold the key 6,000-level on Thursday, Nov/ 27, as investors immediately took profit from the previous session’s advance, pulling the main index lower.

The Philippine Stock Exchange Index (PSEi) dropped 35.57 points, or 0.59 percent, to close at 5,969.13. Banks led the market correction, while miners advanced following higher global gold prices.

Volume was thinner, with 1.31 billion shares changing hands, valued at P5.58 billion. Losers outpaced gainers 110 to 80, with 63 issues closing unchanged.

“The PSEi closed lower as investors locked in gains from the previous session,” said Luis Limlingan, Managing Director at Regina Capital Development Corp.

He added that market sentiment softened amid caution over Fitch Ratings’ recent warning on potential risks to the Philippines’ credit standing. 

“The concern raised added pressure as markets weighed its possible impact on economic performance,” Limlingan noted.

Japhet Tantiangco, Research Manager at Philstocks Financial, said the local market reacted to the Philippine government’s October budget position data, which posted a decline in both public revenues and expenditures.

“The decline in expenditures in particular is expected to weigh on our country's economic performance this fourth quarter,” he explained.

Rizal Commercial Banking Corp. Chief Economist Michael Ricafort viewed the PSEi’s drop as “healthy profit-taking" after the index gained for most trading days since last week.

Ricafort also pointed out that after the market close, S&P Global Ratings affirmed the Philippines’ credit ratings and maintained its positive outlook, citing a “possible actual credit rating upgrade in 2026.”

Credit ratings are a crucial factor, Ricafort said, as they serve as the basis for foreign investors and creditors when deciding whether to invest in or lend to the Philippines.