MANILA – Philippine equities ended the day Thursday (07 Nov 2024) in the red, while the peso dropped once again following the election victory of U.S. President-elect Donald Trump.
The Philippine Stock Exchange Index (PSEi) plunged by 2.11%, losing 150.98 points to close at 7,014.44. The All Shares index also fell by 1.97%, ending at 3,891.64.
“Investor sentiment turned negative after Trump’s win triggered a wave of selling on the PSEi,” said Luis Limlingan, managing director of Regina Capital. “The market’s reaction was largely driven by concerns about his policies in a second term.”
Aside from the Services sector, which saw a modest 0.05% gain, all other sectors ended in the red. The Property sector suffered the biggest loss, down by 3.94%. It was followed by Mining and Oil (-2.59%), Industrials (-2.26%), Financials (-2.11%), and Holding Firms (-1.91%).
Declining issues outnumbered advancers, with 167 stocks falling compared to just 46 advancing. Another 40 issues closed unchanged.
Limlingan added that Trump’s election win pushed U.S. stocks to new record highs, as investors reacted to expectations of policies favoring lower corporate taxes, deregulation, and pro-domestic industrial strategies—measures likely to stimulate the U.S. economy and support riskier assets.
Meanwhile, the peso weakened against the U.S. dollar, closing at 58.73, down from 58.661 the previous day. It opened the trading session at 58.80 and fluctuated between 58.805 and 58.68, with the day’s average at 58.747.
ia/mnm
