PSEi snaps 6-day rally on profit-taking

MANILA, Philippines – Local stocks fell on Thursday as investors locked in gains after a six-day rally, while geopolitical risks and weaker economic forecasts pressured the market.

The benchmark Philippine Stock Exchange Index (PSEi) fell 0.83 percent, or 51.90 points, to close at 6,223.87.

READ: US, Iran trade new strikes in fight over Strait of Hormuz

According to Philstocks Financial Inc. research manager Japhet Tantiangco, the market pulled back as investors booked profits following the recent rally.

“Reignited tensions between the US and Iran also weighed on the market. This came following US President Donald Trump’s remarks saying that the ceasefire with Iran is already over,” Tantiangco said.

Confidence drag

Investors also weighed the recent downgrades by the International Monetary Fund and the Asian Development Bank to the Philippines’ economic growth projections for 2026.

READ: IMF, ADB slash PH growth forecast

Despite the decline, foreign investors remained buyers. Net foreign inflows reached P799.16 million, helping cushion losses, while net value turnover stood at P5.91 billion, indicating that trading activity remained subdued.

Sectoral performance was broadly negative, with only the services index ending in positive territory after rising 0.85 percent.

The banking sector posted the steepest decline, shedding 2.14 percent.

Market breadth also reflected the cautious mood, with only four PSEi member stocks finishing in the green.

Leading the gainers was International Container Terminal Services Inc., which climbed 2.26 percent to P971.50.

Meanwhile, Ayala Corp. emerged as the day’s biggest index loser after falling 3.51 percent to P468.00.

The market’s pullback ended a six-day winning streak as investors reassessed risks following the recent rally and monitored developments overseas.

While foreign buying provided support, lingering concerns over global geopolitical tensions and the country’s economic outlook kept trading cautious. INQ