The local stock market succumbed to profit-taking on Tuesday, closing below the 6,000 level as investors capitalized on the market’s recent run-up.
The main-share Philippine Stock Exchange index, or PSEi, shed 45.42 points, or 0.75 percent, to close at 5,976.17. The broader all shares index, however, advanced by 39.64 points, or 1.12 percent, to 3,574.82.
The peso also closed lower against the U.S. dollar on Tuesday at 58.91 from 58.87 on Monday.
Rizal Commercial Banking Corp. head of sales Michael Ricafort said the market’s decline was a healthy correction after the index recently breached and retreated from the 6,000 mark.
The decline followed growth projections being lowered for the Philippine economy for 2025 and 2026 by New York-based S&P Global Ratings and the ASEAN+3 Macroeconomic Research Office (AMRO), citing local and international headwinds.
Four of six sectoral indexes closed in negative territory, led by the Property index, which declined 2.54 percent, while industrial dropped 1.71 percent.
Mining and oil gained the most, increasing by 5.7 percent, while financials went up by 0.47 percent.
AB Capital Securities noted that the PSEi fell as foreign selling dominated the session despite steady local buying. Value turnover remained robust at P7.5 billion.
Among the top index gainers were Bank of the Philippine Islands (+3.64 percent), San Miguel Corp. (+1.84 percent), ACEN Corp. (+1.65 percent), and Puregold Price Club Inc. (+0.99 percent).
Index losers included Manila Electric Co. (–4.85 percent), Metropolitan Bank & Trust Co. (–4.57 percent), and Monde Nissin Corp. (–2.77 percent).
