Share prices fell below the 6,400 level Tuesday on extended profit-taking as the peso continued to weaken against the dollar.
The benchmark Philippine Stock Exchange index plunged 84.92 points, or 1.32 percent, to close at 6,352.86, while the wider all-shares index went down 37.39 points, or 1.03 percent, to close at 3,606.81.
The peso hit an intraday high of 59.50 against the dollar before closing at 59.455, from 59.44 on Monday.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the market also declined after an impeachment complaint was filed against President Ferdinand Marcos Jr.
The market’s decline was led by the property index, which dropped 2.66 percent, while holding firms decreased 1.88 percent. Financials and industrials also dropped 1.73 percent and 1.18 percent, respectively. On the other hand, services climbed 0.73 percent, while mining and oil rose 0.34 percent.
Trading was active as value turnover reached P7.13 billion. Foreign investors took advantage of the market’s decline to accumulate stocks; net foreign inflows amounted to P303.4 million.
Decliners outnumbered gainers 133 to 68, while 66 stocks were unchanged.
Despite the recent technical correction, the Philippine stock market could climb toward the 7,000 level in 2026 as lower interest rates, regulatory reforms and a more stable macroeconomic environment support a gradual recovery, according to the Investment & Capital Corporation of the Philippines (ICCP).
ICCP president and chief executive Jesus Mariano Ocampo said recent gains in the PSEi reflected a “catch-up” phase compared with regional peers, with momentum likely to continue in the absence of major external shocks.
“We are cautiously optimistic for the market, maybe looking at the PSEi hitting 7,000 for 2026, bearing no big negative surprises,” Ocampo said. He added that easing interest rates should support consumption and spending, helping lift overall market sentiment.
