Daily TribuneThe peso’s sustained weakness against the US dollar also weighed on local equities. The peso weakened further, P59.45 to the dollar, slipping from P59.35 in the previous session. The local currency is now hovering just a centavo away from its record low of P59.46, set on 15 January.
The Philippine Stock Exchange Index dipped further, closing at 6,352.86, down 1.32 percent yesterday due to geopolitical uncertainties and, locally, diminished investor confidence as a result of ongoing probe on the flood control scandal and the filing of an impeachment complaint against President Ferdinand R. Marcos Jr.
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The Philippine Stock Exchange Index (PSEi) fell further on Tuesday, closing at 6,352.86, down 1.32 percent, as investors continued to book profits following last week’s market rally.
Sentiment weakened amid heightened global uncertainty after US President Donald Trump issued fresh tariff threats against select European countries that have opposed his plan to acquire Greenland, adding to risk-off pressure across global markets.
Locally, ongoing probes into the flood control scandal, coupled with an impeachment complaint filed against President Ferdinand R. Marcos Jr. on Monday, further dampened investor confidence. The peso’s sustained weakness against the US dollar also weighed on local equities.
Trading remained active
Despite the decline, trading activity remained active, with net value turnover reaching P6.57 billion. Foreign investors stayed supportive, recording P303.41 million in net inflows.
Sector performance was mixed. The services sector led gainers, rising 0.73 percent, while property stocks suffered the steepest losses, sliding 2.68 percent. Market breadth was clearly negative, with decliners outnumbering advancers, 133 to 68.
International Container Terminal Services Inc. (ICTSI) topped index gainers, climbing 1.61 percent to P630.00 per share.
Peso further weakened
Meanwhile, the peso weakened further to P59.45 per dollar, slipping from P59.35 in the previous session. A combination of global risk aversion and renewed US dollar strength continued to pressure emerging-market currencies. The local currency is now hovering just one centavo away from its record low of P59.46, set on 15 January.
Escalating US trade tensions, particularly fresh tariff threats, boosted demand for safe-haven dollar assets and pushed the greenback higher across the board.
At the same time, higher global oil prices — driven by geopolitical uncertainty — raised concerns over the Philippines’ import bill, increasing importer demand for dollars.
Thin liquidity in the foreign exchange market amplified the move, allowing relatively modest flows to push the peso closer to record lows. While foreign inflows into local equities provided some support, they were insufficient to offset broader macroeconomic and geopolitical pressures driving the peso toward the P59.45 level.
