Philippine PSEi Falls Below 5,600 to Its Lowest Level Since May 2020
Updated
Summary
The Philippine Stock Exchange index (PSEi) continued its downward trend on Thursday, falling below 5,600 to its lowest level since May 2020.
Why it matters
The index had lost 6.73% over the previous four weeks and was down 8.05% over the prior 12 months; its year-to-date losses were around 8%.
The report linked the market backdrop to an IMF warning that the Philippines could have Southeast Asia’s fifth-lowest growth this year, citing sluggish investment and persistent inflation. It also said elevated oil prices and bond yields, alongside peso weakness, weighed on investor confidence.
Selling pressure persisted among large-cap stocks: ICTSI fell 1.6% and SM Investments declined 1.1%. Meralco, Ayala Corp, Aboitiz Power, and San Miguel Food and Beverage also fell, while BDO Unibank, BPI, and SM Prime Holdings gained.