The Philippine Stock Exchange index (PSEi) snapped its two-day winning streak on Thursday, shedding 33.27 points or 0.53 percent to close at 6,291.85, as investors locked in gains and worries over the country’s fiscal outlook dampened sentiment.

Market jitters persisted after projections showed the government’s outstanding debt could climb to P19.06 trillion by end-2026. Still, trading activity remained brisk, with net value turnover at P7.82 billion – well above the year-to-date average of P5.92 billion.

Foreign investors were net buyers, logging P100.92 million in net inflows. Sectoral performance was mixed, with industrials leading the pack with a 0.38-percent rise, while services suffered the steepest drop at 2.42 percent. Decliners outnumbered advancers, 106 to 84.

“Furthermore, investors are likely still waiting for developments in stock market news that could influence the overall market, along with the upcoming implementation of the PSEi rebalancing,” said Luis Limlingan, Head of Sales at Regina Capital Development Corp.

He added that US markets edged higher overnight, with the S&P 500 hovering near fresh all-time highs and the Dow also up, boosted by easing short-term Treasury yields and mounting expectations of a Federal Reserve rate cut by September.

The peso closed weaker at P56.945 against the US dollar, from the previous day’s P56.72, according to the Bankers Association of the Philippines.