The Philippine Stock Exchange index (PSEi) sunk to the 5,800 level, ending the trading week at its lowest point since late August.
On Friday, September 18, the main index PSEi plunged 219.16 points, or around 3.61%, for the week to close at 5,855.91, down from Monday, September 14’s 6,075.07 closing
The Friday close marked the index’s lowest level for the week and its weakest finish since August 28, when the PSEi ended at 5,956.33.
The local market remained under pressure throughout most of the week. The only positive trading came on Thursday, September 17, when the PSEi recovered 41.70 points to close at 5,958.04 from Wednesday’s 5,916.94 finish. However, the gains were short-lived as the index fell sharply again on Friday.
According to Japhet Tantiangco of Philstocks Financial Inc., in an Inquirer report, the local stock market was weighed down by higher local Treasury yields, rising global oil prices, and the continued weakness of the peso.
“The rise in treasury yields makes stocks less attractive,” Tantiangco said.
Aside from the PSEi, most sectoral indices also ended the week in negative territory. The Mining and Oil index was the lone gainer, rising 1.65% to 21,860.19.
The Services index posted the biggest weekly decline, falling 2.53% to 3,163.97. Holding Firms also registered a significant drop of 2.45%, or 103.88 points, to 4,137.14.
The Property index declined by 1.55%, or 28.23 points, to 1,798.00, while the broader All Shares index shed 1.21% to finish at 3,277.80.
The Industrial and Financials indices recorded comparatively smaller declines, slipping 0.56% and 0.53%, respectively, to 7,802.93 and 1,820.63.
Trading volume reached 1.62 billion shares, with total turnover amounting to ₱16.20 billion.
Market breadth remained negative, with 96 decliners against 70 advancers, while 34 stocks were unchanged.
The sharp weekly decline pushed the PSEi back below the 6,000 mark, reflecting continued investor caution as local and global economic pressures weigh on Philippine equities.