Investor sentiment remained constructive even as the peso strengthened, P61.435 per US dollar, improving from P61.491 previously.
PHILIPPINE stocks continued to decline on Wednesday, with the Philippine Stock Exchange Index closing at 6,307.84, down 2.13 percent or 137.54 points, as broad-based selling pressure weighed on most sectors.
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The Philippine Stock Exchange Index (PSEi) extended its winning streak to a fifth consecutive session, rising 23.12 points, or 0.37 percent, to 6,247.11 on Tuesday, while the peso strengthened by 5.6 centavos to P61.435 per US dollar from P61.491 previously.
Investor sentiment remained constructive as market participants welcomed the latest inflation data, which showed headline inflation easing to 6.4 percent in June from 6.8 percent in May, reinforcing expectations that domestic price pressures may be gradually moderating.
Despite the advance, trading activity remained relatively subdued, with net value turnover reaching only P5.33 billion, indicating that many investors remained cautious amid lingering global uncertainties. Foreign investors were net buyers, however, recording net inflows of P770.42 million, providing additional support to the market.
Mixed sector performance
Sector performance was mixed. Services emerged as the strongest performer, climbing 2.76 percent, largely driven by ICT’s strong showing, while holding firms were the weakest segment, declining 1.28 percent. Among individual index constituents, International Container Terminal Services Inc. surged 3.97 percent to P930.00, making it the day’s biggest contributor to index gains. Conversely, ACEN Corp. fell 4.36 percent to P3.07, ending as the session’s worst-performing index stock.
In the foreign exchange market, the peso continued to strengthen against the US dollar. According to the Bankers Association of the Philippines, the peso closed at P61.435 per US dollar, improving from P61.491 on 6 July. During the session, the currency traded between P61.39 and P61.455, while the weighted average settled at P61.423.
Peso appreciated
The peso’s appreciation was supported by easing inflation, relatively stable global oil prices and improved risk sentiment. Lower inflation reinforced expectations that domestic price pressures are moderating, while softer energy prices helped ease concerns over imported inflation. Foreign investors also returned as net buyers of Philippine equities, bringing fresh dollar inflows into the local market.
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