The Philippine Stock Exchange index (PSEi) extended its losing streak to a fifth consecutive session Thursday, falling 65.12 points, or 1.12 percent, to 5,730.02, while the peso weakened 14.5 centavos, or 0.24 percent, to P62.73 per US dollar as weaker growth prospects, rising oil prices and a stronger US dollar weighed on sentiment.

Lowest since November 2025

Thursday’s close marked the lowest for the local bourse since 14 November 2025, when the Senate Blue Ribbon Committee resumed hearings into the flood control project scandal, while Ako Bicol Representative Zaldy Co released a video statement accusing President Ferdinand R. Marcos Jr. of involvement in P100 billion worth of alleged budget insertions.

That day, the PSEi dropped 2.49 percent to 5,584.35 — nearing levels last seen during the height of the Covid-19 pandemic in May 2020,.

Net value turnover stood at P4.63 billion on Thursday, with foreign outflows of P749.31 million. All sectors fell except holding firms/conglomerates, which gained 0.43 percent.

Mining and Oil dropped 3.79 percent, followed by Industrials at 1.64 percent, Services at 1.52 percent, Financials at 1.33 percent and Property at 1.15 percent. Ayala Corp. gained 3.09 percent to P500, while Manila Electric Co. fell 3.46 percent to P447.

Intensified growth concerns

Thursday’s dip followed intensified growth concerns, as S&P Global Ratings cut its 2026 Philippine GDP forecast to 2.9 percent from 4.1 percent, while the Asian Development Bank lowered its forecast to 3.3 percent from 3.8 percent, adding to renewed investor apprehension.

Both cited weaker investment, elevated energy costs, inflationary pressures and the prolonged Middle East conflict. The Philippine economy grew 2.3 percent in the second quarter, bringing first-half growth to around 2.6 percent.

To date, the PSEi has slumped around 5.47 percent from the 11 September close of 6,061.81.

Meanwhile, the peso opened at P62.70 and traded as high as P62.795. The BAP weighted average rose to P62.756 from P62.619, while the FX settlement rate increased to P62.756 from P62.604. Turnover fell to US$1.145 billion from US$1.636 billion.

The dollar index stood around 101.1, near a two-month high, as stronger US economic data and higher Treasury yields reinforced expectations of further Federal Reserve tightening.

Oil prices also rebounded sharply as investors reassessed the prospects for a US-Iran settlement. Brent rose about 4 percent Wednesday to around $101.09 a barrel, while WTI reached about $91.21. By Thursday morning, Brent stood at around $103.51 and WTI at $92.51 as diplomatic progress remained limited.