The Philippine peso weakened on Wednesday, reversing its recent gains as the US dollar strengthened. Despite this, local stocks saw a modest rebound driven by bargain-hunting and positive economic indicators.
The Philippine peso experienced a slight decline on Wednesday, reversing a two-day upward trend as the US dollar strengthened. The peso weakened by 2 centavos to close at P58.51:$1. Meanwhile, the Philippine Stock Market index (PSEi) saw a modest rebound, edging up by 13 points, or 0.13 percent, to end the day at 6,348.34. The broader All Shares index remained relatively stable, dipping by 1.71 points, or 0.05 percent, to 3,698.53. The peso opened at its lowest point for the day at P58.
35:$1 and reached a high of P58.605, with trading volume slightly lower at P1.592 billion compared to P1.6 billion in the previous session.Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso's weakness to the dollar's recovery against major global currencies following the inauguration of US President Donald Trump. Philstocks Financial Inc. research manager Japhet Tantiangco, however, noted that the local stock market rebounded due to bargain-hunting by investors. Positive cues from Wall Street and the Asian Development Bank's (ADB) projection of the Philippines as the second-fastest growing economy in Southeast Asia in 2025 also contributed to the market's upward movement.Trading activity, however, remained subdued with a net value turnover of P4.09 billion. Foreign investors continued their net selling trend with outflows reaching P404.25 million. Regina Capital Development Corp. Managing Director Luis Limlingan stated that Philippine shares experienced a quiet climb as investors evaluated the market's response to President Trump's executive orders. He highlighted that US stocks rose overnight as Wall Street interpreted President Trump's trade remarks as less aggressive than anticipated. All but one sector index closed in the red, with mining and oil experiencing the most significant drop of 0.54 percent. The services sector stood out as the only gainer, rising by 0.71 percent. On a company-specific basis, decliners outnumbered gainers, 103 to 73, while 65 companies remained unchanged
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