Manila: Both the Philippine Stock Exchange index (PSEi) and the Philippine peso experienced losses on Tuesday as investors responded to ongoing developments in the country, including the investigation into anomalous infrastructure projects. The main equities index fell by 1.55 percent to close at 6,118.54 points, while the All Shares index decreased by 0.96 percent to 3,693.67 points.

According to Philippines News Agency, most sectoral gauges ended the trading day in negative territory, with the Financials sector leading the decline after slipping by 2.43 percent. The Services sector followed, dropping 1.48 percent, with Holding Firms, Property, and Industrial sectors decreasing by 1.46 percent, 1.24 percent, and 0.69 percent, respectively. In contrast, the Mining and Oil sector registered a gain, rising by 3.68 percent.

The trading volume reached 2.72 billion shares, amounting to PHP22.7 billion. Decliners outnumbered advancers, with 129 stocks falling compared to 78 that rose, while 56 remained unchanged. Luis Limlingan, head of sales at Regina Capital Development Corporation, commented on the situation, noting that “investors grew more cautious about the ongoing issues facing the country, which continue to weigh on overall market confidence.” Despite the anticipation of additional rate cuts by the Bangko Sentral ng Pilipinas (BSP) and a stable inflation rate, the market’s downward movement reflected a persistent bearish sentiment.

These concerns also impacted the local currency, as the Philippine peso weakened against the US dollar, ending the day at 57.29 from 57.05 on Monday. Although it opened stronger at 56.95 compared to the previous session’s start at 57.15, trading ranged between 56.95 and 57.33, with an average of 57.1. The trading volume in the forex market decreased to USD1.86 billion from the previous day’s USD1.27 billion.