The PSEI was down 25.20 points, closing at 5,946.78 as sentiment stayed fragile amid uncertainty on the ongoing US-Iran standoff; the peso closed at P61.38 per US dollar, improving from Tuesday’s P61.48 close as it recovered along with other Asian currencies as the dollar index eased.
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The Philippine Stock Exchange Index (PSEi) extended its decline on Wednesday, closing at 5,946.78, down 25.20 points (-0.42 percent), as investors remained cautious over unresolved geopolitical tensions and mixed first-quarter corporate earnings.
Sentiment stayed fragile amid uncertainty surrounding the ongoing US-Iran standoff, with markets also awaiting clearer signals from the latest US-China trade discussions.
Despite the decline, trading activity remained relatively active, with net value turnover reaching P7.34 billion. Foreign investors were net buyers for the session, recording P284.85 million in net inflows.
Negative sector performance
Sector performance was largely negative, with only the Financials sector posting gains, rising 0.81 percent as banks benefited from expectations of sustained high interest rates. Industrials suffered the steepest losses, dropping 1.64 percent amid broad profit-taking and concerns over slowing demand.
Among index names, Universal Robina Corp. led gainers, climbing 2.98 percent to P62.30, while Converge ICT was the worst performer, plunging 11.15 percent to P11.00 after continued selling pressure in growth-related names.
In the foreign exchange market, the peso closed at P61.38 per US dollar, improving from Tuesday’s P61.48 close and stronger than the intraday high of P61.68.
However, the peso’s Bankers Association of the Philippines weighted average settled at P61.51, weaker than the previous day’s P61.41 weighted average, reflecting persistent intraday dollar demand.
The peso initially weakened as global investors flocked to the US dollar following renewed safe-haven demand tied to Middle East tensions and elevated oil prices. Crude prices stayed volatile amid concerns over possible supply disruptions near the Strait of Hormuz, which remains essentially closed due to the conflict.
Peso recovered
Later in the session, the peso recovered alongside several Asian currencies as the dollar index eased and traders took profits after the dollar’s recent rally.
