The Philippine Stock Exchange index (PSEi) fell again on Wednesday, extending its decline as investors positioned ahead of the central bank’s upcoming policy meeting, according to Philstar.com.
The benchmark index slipped below 6,200 points, dragged by selling pressure across the board, the report said. The peso, however, strengthened against the U.S. dollar on the same day, as separate coverage from the Philippine News Agency noted.
The latest drop follows a string of losses that have pushed shares to a two-month low, BusinessWorld reported. The market has been weighed down by concerns over domestic economic growth, with the Manila Bulletin attributing part of the recent slide to a warning from Moody’s that rattled investor sentiment.
Regional factors also played a role. The Inquirer.net reported that the PSEi’s move below 6,200 came amid heightened worries over tensions in the Middle East, which have fueled risk aversion across Asian markets.
Trading volumes were not detailed in the available reports, but the consistent decline suggests cautious sentiment among local and foreign investors alike. The peso’s gain against the dollar offered a partial offset, though it did little to lift equities.
The key event to watch now is the Bangko Sentral ng Pilipinas’ policy meeting, where investors will look for signals on interest rates and the central bank’s outlook for inflation and growth. Any dovish or hawkish surprise could set the tone for the market in the coming sessions.
