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Manila Bulletin devider Business devider The Stock Market devider PSEi sinks below 6,000 as MSCI rebalancing, rate hike weigh

PSEi sinks below 6,000 as MSCI rebalancing, rate hike weigh

Published Aug 28, 2026 05:01 pm

The Philippine Stock Exchange index (PSEi) slid for the fourth day on Friday, Aug. 28, to end the week below the 6,000 level as MSCI rebalancing added selling pressure on investors already worried about the impact of the previous day’s policy rate hike.

The main index dropped 48.25 points, or 0.8 percent, to close at 5,956.33. Banks led the decline, while mining and services managed to advance.

Volume surged to 2.22 billion shares worth ₱18.8 billion. Losers beat gainers—120 to 88, with 49 unchanged. Foreigners were net sellers, with net outflows of ₱3.51 billion.

“The local index closed lower with the index now below 6,000 again as intense selling pressure persisted, with the MSCI Philippine Index rebalancing influenced a significant portion of market volume. The rebalancing triggered broad-based selling across the market as investors adjusted their positions,” said Regina Capital Development Corp. managing director Luis Limlingan.

Sentiment was further weighed by the Bangko Sentral ng Pilipinas’ (BSP) rate hike, keeping investors cautious.

On Thursday, Aug. 27, the BSP raised its key policy rate by 25 basis points (bps) to five percent, its third rate hike this year, bringing the cumulative increase since April to 75 bps.

The central bank tightened monetary policy further as elevated inflation continued to pose risks to the economy, even as economic growth slowed to a post-pandemic low of 2.3 percent in the second quarter of 2026.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market extended its decline as concerns over the possible effects of the BSP’s further tightening on the local economy’s growth outlook continued to dampen sentiment.”

He added that, “The trimmed Philippine economic growth projections of Moody’s Analytics and the ASEAN+3 Macroeconomic Research Office (AMRO) also weighed on the market. Finally, the peso’s slide to a new record low added to the market’s downside.”

The Philippine peso plunged past the ₱62-per-dollar level on Friday, closing at a fresh historic low of ₱62.265 against the United States (US) dollar from the previous record of ₱61.888 just a day ago.

The local currency weakened despite the BSP’s latest rate hike—a move that typically provides support to the peso—with analysts pointing to broad US dollar strength, elevated oil prices, and heightened geopolitical uncertainty as among the factors weighing on the currency.

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Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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