MANILA – The Philippine stock market experienced a downturn on Tuesday:The Philippine stock market experienced a downturn on Tuesday, influenced by the fresh rise in United States Treasury yields, although the local currency, the peso, remained relatively stable. The Philippine Stock Exchange index (PSEi) closed the day down 0.23 percent at 7,537.25 points, while the broader All Shares index also declined by 0.14 percent to end at 4,077.41 points.
According to Philippines News Agency, research manager Japhet Tantiangco of Philstock Financials, Inc. noted that the negative impact from Wall Street, spurred by the uptick in Treasury yields and the weakening of the local currency, significantly affected the local bourse’s performance. Despite the overall market downturn, sectors such as Services and Financials saw gains, increasing by 0.86 and 0.72 percent, respectively. Conversely, the Property sector suffered the most, dropping by 2.48 percent, followed by Mining and Oil which declined by 0.72 percent. The Ind
ustrial and Holding Firms sectors also saw decreases, falling by 0.19 and 0.17 percent, respectively.
In terms of market breadth, there were more advancing stocks than declining ones, with 109 advancers compared to 97 decliners, and 54 stocks remained unchanged. Meanwhile, the Philippine peso showed minimal movement, closing slightly weaker at 56.91 against the US dollar, a minor drop from Monday’s finish of 56.83. The peso fluctuated within a narrow range during the day, trading between 56.72 and 56.98 to the dollar, with an average rate of 56.85.
The trade volume on Tuesday also saw an increase, reaching USD 1.9 billion compared to USD 1.3 billion in the previous session.