PSEi extends slide on profit-taking, cautious trades ahead of SONA

The Philippine Stock Exchange index (PSEi) slipped further on Friday, closing at 6,413.18, down by 30.95 points or 0.48 percent, as investors continued to lock in gains ahead of key domestic catalysts.

Profit-taking persisted throughout the session, while market participants adopted a wait-and-see stance ahead of President Ferdinand Marcos Jr.’s fourth State of the Nation Address (SONA) next week and the release of second-quarter corporate earnings.

Trading activity remained subdued, with net value turnover amounting to P5.40 billion – below the year-to-date daily average of P5.83 billion – indicating weaker investor appetite.

Foreign investors, however, returned as net buyers, posting net inflows of P113.74 million for the day.

Among the sectoral indices, conglomerates were the lone gainer, inching up 0.07 percent. Property stocks took the heaviest hit, falling by 1.21 percent. Decliners narrowly outnumbered advancers, 112 to 93, reflecting a cautious market tone.

In the foreign exchange market, the peso weakened sharply, closing at 57.11 against the US dollar, compared to Thursday’s close of 56.65, based on data from the Bankers Association of the Philippines.