The Philippine stock market extended its losing streak on Wednesday, with the peso depreciating against the US dollar.
The Philippine Stock Exchange index (PSEi) slipped by 0.18% to close at 6,195.26, while the broader All Shares index dipped slightly by 0.08% to 3,681.80.
“The market continued to retreat as investors reacted to Wall Street’s decline, driven by concerns over a possible recession and cautious sentiment ahead of the release of the US March inflation report,” said Japhet Tantiangco, research manager at Philstocks Financial.
Tantiangco added that investors also factored in the impact of the 25% US tariff on steel and aluminum imports, which has already taken effect, along with the European Union’s retaliatory measures.
Sector performance was mixed. The property sector led the gains at 1.24%, while the mining sector lagged behind, posting a 0.81% decline.
Market breadth remained negative, with 127 decliners outpacing 77 advancers.
Meanwhile, the peso weakened, closing at 57.36 against the US dollar, down from the previous day’s 57.22. It opened at 57.30 and fluctuated between 57.29 and 57.39 throughout the trading session.
The day’s weighted average exchange rate settled at 57.34.
Trading volume in the foreign exchange market also declined, dropping turnover to $1.16 billion from $1.38 billion in the prior session.