The Philippine Stock Exchange index (PSEi) closed lower on Tuesday, shedding 53.98 points or 0.85 percent to end at 6,325.42, as investor sentiment soured following President Ferdinand Marcos Jr.’s State of the Nation Address (SONA).
Market participants reacted with disappointment over the President’s omission of key concerns such as online gaming regulations, the trajectory of US-Philippine trade relations, and fiscal consolidation efforts. The persistent depreciation of the peso also dampened sentiment.
Trading remained active with net value turnover at P6.47 billion. Foreign investors were net sellers, registering net outflows of P429.15 million.
Only the property sector posted gains, inching up by 0.04 percent. Services suffered the steepest drop, plunging 2.02 percent. Decliners outnumbered advancers, 117 to 70.
Meanwhile, the peso continued to weaken, closing at P57.31 against the US dollar from Monday’s P57.20, according to the Bankers Association of the Philippines.