Investors trim risk exposure
These developments prompted investors to trim risk exposure after the market’s recent rebound.
Trading activity softened, with value turnover reaching P6.14 billion, while foreign investors remained net sellers with P298.93 million in net outflows.
Sector performance was broadly negative. Financials bucked the trend, rising 1.29 percent on expectations that a higher-for-longer interest rate environment could continue to support bank margins. Meanwhile, Services fell 2.23 percent, reversing much of the previous day’s strength. Property, Holding Firms, Industrials, and Mining & Oil also ended lower.
Century Pacific Food Inc. (CNPF) led index gainers, climbing 4.37 percent to P26.30, while Ayala Land Inc. (ALI) was the session’s biggest laggard, dropping 4.76 percent to P14.00.
Local currency strengthened
Meanwhile, the peso strengthened to P61.625 per US dollar from P61.745 previously, appreciating by 12 centavos, or about 0.19 percent.
The move was evident early in the session, with the Bankers Association of the Philippines weighted average at P61.644, stronger than the previous day’s close.
Throughout the day, the currency continued to recover, reaching an intraday high of P61.545 per US dollar before settling at P61.625.
The US dollar softened from intraday highs as some traders bet that tensions would not escalate into a major disruption of Middle East oil flows.
