The Philippine stock market took another bruising on Thursday as mounting investor anxiety over global trade tensions and a weakening peso pushed the main index to its lowest level in weeks.
The Philippine Stock Exchange Index (PSEi) slid 0.66 percent, or 41.93 points, closing at 6,295.55 — falling back below the psychologically important 6,300 mark. The broader All Shares Index mirrored the slump, losing 0.67 percent, or 25.11 points, to settle at 3,723.14.
Investors retreated from equities as signs of policy headwinds and global uncertainty dampened risk appetite. Volume remained healthy, with 2.4 billion shares worth P7.33 billion traded, but the mood was clearly risk-off. Foreign investors joined the retreat, registering net outflows of P24.38 million.
Market analysts say a cocktail of external and internal pressures has kept traders on edge. Chief among them is the lingering unease over U.S. tariff policies, which has sent ripples through emerging markets. The situation was worsened by the peso’s continuing decline, closing at 57.29 against the U.S. dollar — a sharp drop from 57.085 the previous day — following hotter-than-expected inflation data from the U.S. in June.
“The market remains highly sensitive to macroeconomic signals, especially those tied to inflation and trade policy. The peso’s slide only adds to the pressure,” said Japhet Tantiangco, research head at Philstocks Financial Inc.
Among individual stocks, DigiPlus Interactive Corp. experienced a steep selloff, tumbling nearly 30 percent to P19.54 per share, as sentiment soured amid escalating calls for a crackdown on online gambling. The company, one of the most actively traded for the day, bore the brunt of heightened regulatory fears.
Other index heavyweights posted mixed results. International Container Terminal Services Inc. edged up 0.45 percent to P445, while BDO Unibank gained a marginal 0.2 percent to P148.90. But these modest gains were overshadowed by losses across most blue chips. SM Prime Holdings slipped 1.28 percent to P23.20, SM Investments dropped 1.83 percent to P829.50, and Ayala Land fell 0.76 percent to P26.15.
Casino operator Bloomberry Resorts Corp. was among the day’s steepest decliners, plunging 5.62 percent to P4.03, while Bank of the Philippine Islands dipped 0.58 percent to P119. Jollibee Foods Corp. ended unchanged at P219, and Metropolitan Bank and Trust Co. inched down 0.28 percent to P71.45.
Overall, decliners dominated the session, with 112 losers against 75 gainers. Fifty-six issues were unchanged.
With little clarity on when macroeconomic pressures will ease, analysts warn that further volatility could be in store. “Investors are likely to remain defensive until we see signs of stabilization, either in the peso or inflation expectations,” Tantiangco noted.
In the short term, markets may remain directionless — hostage to currency moves, global inflation cues, and the threat of tighter regulatory crackdowns in key sectors.