PSEi slides as investors anticipate October inflation data release

The Philippine Stock Exchange index (PSEi) dropped 0.99 percent to 5,624.17 on Tuesday, 3 November, while the peso strengthened by 26 centavos to close at P63.47 against the US dollar from Friday’s finish, as investors turned cautious ahead of October inflation data and amid renewed geopolitical tensions in the Middle East.

The peso’s appreciation came despite elevated global oil prices and renewed geopolitical uncertainty in the Middle East, which continued to pose risks to the country’s import costs and external position. Higher crude prices could increase the country’s import bill and demand for dollars, potentially putting pressure on the local currency.

The benchmark’s decline was accompanied by broader weakness in the domestic equities market, with the All

Shares index falling 0.58 percent to 3,159.84. Holding companies were the only sector to finish higher, gaining 0.22 percent. Services posted the steepest decline at 2.71 percent, followed by mining and oil, which dropped 1.51 percent, and industrials, which shed 0.87 percent. Property slipped 0.30 percent, while financials edged down 0.02 percent.

Among index heavyweights, San Miguel Corp. led the gainers with a 1.62 percent increase, followed by Semirara Mining and Power Corp. at 1.12 percent and SM Investments Corp. at 1.11 percent. International Container Terminal Services Inc. was the biggest decliner, losing 3.28 percent, followed by Puregold Price Club Inc., which fell 3.25 percent.

Market activity remained subdued, with net value turnover reaching P4.89 billion and total volume amounting to 699.17 million shares. Foreign investors recorded net outflows of P258.78 million. Market breadth was negative, as 106 stocks declined against 79 advancers, while 72 issues remained unchanged.