PSE down 42.87 points, closes at 6,606.36

The local stock market on Tuesday was down by 42.87 points, or 0.64 percent, to close at 6,606.36.

Most sectors were in red territory, with Banking losing the most by 1.62 percent, followed by Properties down by 1.28 percent, and Miners by 0.82 percent.

Services and Industrial indices, meanwhile, gained, increasing by 0.55 percent and 0.05 percent, respectively.

Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said the local bourse performance was affected by investors’ worry over the local currency, which he said has been showing signs of weakening against the US dollar.

“Also, many are cautious ahead of the policy decisions of the Bank of Japan and the Federal Reserve, which are set this week,” he said in a Viber message.

National debt increase

Likewise, Plopenio added that the stock market drop on Tuesday was affected by the Department of Budget and Management’s projection of national debt increasing by 8.08 percent year on year to P17.35 trillion by the end of 2025.

Meanwhile, Rizal Commercial Banking Corporation chief economist Michael Ricafort said this is a “healthy technical correction,” citing gains for most trading days for more than a month or since 24 June.

The net market value turnover was P4.13 billion, lower than the year-to-date average of P4.92 billion.

There were 74 Advancers and 118 Decliners, while 43 names remained unchanged.

The peso closed at P58.64 from a dollar.