MANILA – Local shares dropped for the second consecutive day, and the peso weakened on Wednesday.
The Philippine Stock Exchange index (PSEi) slipped by 0.18% to 6,195.26, while All Shares edged lower by 0.08% to 3,681.80.
Philstocks Financial research manager Japhet Tantiangco attributed the decline to investor concerns following Wall Street’s drop, fueled by recession fears and anticipation of the US March inflation report. He also noted the impact of the 25% US tariffs on steel and aluminum, which have taken effect, and the European Union’s retaliation.
Sector performance was mixed, with properties leading the gainers, rising by 1.24%. In contrast, mining stocks lagged, falling by 0.81%. Decliners outnumbered advancers, 127 to 77.
The peso weakened, closing at 57.36 to the dollar, down from 57.22 the previous day. It traded between 57.29 and 57.39, with a weighted average of 57.34. Trading volume decreased to USD 1.16 billion, from USD 1.38 billion.
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