The Philippine Stock Exchange index (PSEi) edged lower on Thursday, closing at 6,444.16, down by 0.28 percent, as profit-taking on heavyweight stocks ICTSI and Meralco weighed on the benchmark.

Sentiment was further dampened by recent downward revisions to the country’s 2025 and 2026 economic growth outlooks by both the Asian Development Bank (ADB) and ASEAN+3 Macroeconomic Research Office (AMRO).

“Investors appear cautious over ongoing global trade developments, especially with unresolved tariff negotiations between the Philippines and the United States,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.

“There’s also growing concern over trade dynamics in other countries that could spill over into the local market. Many are waiting for fresh catalysts to drive direction.”

Despite the local downturn, Wall Street continued to notch record highs, with the S&P 500, Dow Jones, and Nasdaq all advancing. Optimism in the US was driven by a trade agreement with Japan and upbeat corporate earnings, easing fears of trade-related headwinds.

Back home, value turnover reached P5.93 billion, slightly above the year-to-date daily average of P5.83 billion. Foreign investors were net buyers for the day, with net inflows totaling P96.22 million.

Sectoral performance was mixed. The services sector posted the largest decline, losing 1.13 percent, while mining and oil led the gainers with a 1.36-percent advance. Overall market breadth was negative, with 99 decliners narrowly outpacing 97 advancers, while 56 issues were unchanged.

Meanwhile, the peso strengthened against the US dollar, closing at 56.669 from Wednesday’s 56.881, according to data from the Bankers Association of the Philippines.