The Philippine Stock Exchange index (PSEi) slipped for the second straight day as a weakening peso triggered profit-taking.
The local stock barometer dipped 18.95 points, or 0.3 percent, to close at 6,389.81 on Wednesday, while the broader all shares index fell 2.44 points, or 0.07 percent, to 3,635.94.“The PSEi fell for the second straight session, breaking below 6,400 as the peso hit fresh record lows and sparked renewed profit-taking,” AB Capital Securities said.
The peso weakened further to 59.44 to the U.S. dollar on Wednesday from 59.341 on Tuesday.
Services and financials led the decline among the six sectoral indices, dropping 1.77 percent and 1.22 percent, respectively.
On the other hand, mining and oil rose 1.82 percent, while holding firms advanced 1.57 percent. Industrials and property also gained 1.21 percent and 0.21 percent, respectively.
Despite the market’s decline, trading activity remained healthy, and foreign investors were net buyers for the ninth consecutive session.
Value turnover reached P6.63 billion, while foreign inflows totaled P291.46 million.
JG Summit Holdings Inc. was the day’s top index gainer, rising 4.8 percent to P26.20, while China Banking Corp. was the laggard, decreasing 3.72 percent to P60.70.
Asian markets largely rose on Wednesday as speculation about a snap election in Japan pushed up Tokyo shares, and oil prices dipped after a surge fueled by instability in Iran.
Metals added to their recent gains to hit new record highs, with silver up more than four percent, partly propelled by the prospect of interest rate cuts by the US Federal Reserve this year.
Tokyo closed 1.5 percent higher and the yen slumped to its lowest value since mid-2024 as media reports said Prime Minister Sanae Takaichi planned to hold an election as soon as February 8.
Takaichi’s cabinet — riding high in opinion polls — has approved a record 122.3-trillion-yen ($768 billion) budget for the fiscal year from April 2026.
She has vowed to get parliamentary approval as soon as possible to address inflation and shore up the world’s fourth-largest economy.
Hong Kong closed up 0.6 percent while Shanghai dipped 0.3 percent after Beijing said trade last year reached a “new historical high”, surpassing 45 trillion yuan ($6.4 trillion) for the first time.
Global demand for Chinese goods has held firm despite a slump in exports to the United States after President Donald Trump hiked tariffs.
Other trade partners more than filled the gap, increasing Chinese exports overall by 5.5 percent in 2025.
“We expect this resilience to continue through 2026,” said Zichun Huang, China economist at Capital Economics, in a note.
London, Frankfurt and Paris saw marginal gains at the open. With AFP
