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Manila Bulletin devider Business devider The Stock Market devider Stocks snap 4-day rally as peso slips near record low

Stocks snap 4-day rally as peso slips near record low

Published Jul 21, 2026 05:01 pm
Local stocks snapped their four-day winning streak as weakening currency prompted investors to lock in recent profits, pulling the benchmark index back from near-overbought levels.
The Philippine Stock Exchange index (PSEi) fell 81.92 points, or 1.28 percent, to close at 6,333.80 on Tuesday, July 21. The decline followed the sustained upward push that brought the market close to overbought territory, prompting traders to take money off the table while searching for fresh economic catalysts to sustain the breakout above the 6,400 technical threshold.
Foreign exchange pressure served as the primary catalyst for the session’s pull-back. The peso depreciated to 61.745 per United States (US) dollar, hovering just short of the historic low of 61.75 recorded on April 30, 2026. The currency’s sharp slide renewed market anxieties over imported inflation and elevated corporate input costs.
“The local bourse ended lower as investors took profits after a four-day winning streak, with the benchmark index still looking for catalysts to stabilize above the 6,400 level,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Despite the broad-based retreat, market strategists viewed the move as an orderly adjustment following the recent advance. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the peso’s move toward record lows remains a key variable for equities, as a sustained currency decline risks driving up importation costs and feeding into headline consumer prices.
Sectoral performance was mixed, with services leading the downturn as traders trimmed exposure in consumer and telecom heavyweights. Moderate buying interest in mining and industrial counters helped cushion the market from steeper losses.
Trading activity expanded during the session, with overall volume rising to 703 million shares valued at ₱7.94 billion. Market breadth turned negative, with decliners outpacing advancers 107 to 91, while 52 issues finished unchanged.
Investors are expected to monitor foreign exchange movements and upcoming economic releases closely to gauge whether the index can establish a firmer base above 6,300 before mounting another test of upper resistance levels.

Related Tags

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