Given the uncertainty, investors largely stayed on the sidelines, with net value turnover at P6.78 billion. Foreign investors remained net sellers, recording outflows of P1.01 billion.
Sectoral performance was mixed. Industrials led the market, up 0.99%, while services lagged, declining 1.79%. Market breadth was slightly negative, with decliners edging advancers, 100 to 91. Among index movers, Metropolitan Bank & Trust Company surged 4.29% to P69.35, leading gains. In contrast, Converge ICT Solutions, Inc. fell 2.76% to P11.96, making it the day’s worst performer.
On the currency front, the peso closed at P59.97 per US dollar, strengthening from the previous day’s P60.115. The appreciation reflects a modest pullback in the dollar and slightly improved risk sentiment, although gains were limited.
Over the past week, the peso has been pressured by a “perfect storm” of factors—elevated global oil prices, safe-haven demand for the US dollar, and geopolitical tensions in the Middle East. Oil price spikes tied to the conflict have raised inflation risks in the Philippines, a net oil importer, contributing to currency weakness.
In the last 24 hours, sentiment improved slightly on renewed hopes of diplomacy between the US and Iran, easing immediate supply concerns. Still, with oil prices elevated and inflation already breaching the BSP’s target, the peso remains vulnerable and is likely to hover near the P60 level in the near term.
