MANILA — Asia’s chip-led rebound largely bypassed the Philippines on Friday, as the Philippine Stock Exchange Index (PSEi) slid further below the 6,000 mark while Korea and Taiwan gauges climbed.
The PSEi fell 102.73 points, or 1.72%, to close at 5,855.91 — a level regional coverage described as a fourteen-week low. The broader All Shares index dropped 40.31 points, or 1.21%, to 3,277.80. Declining issues outnumbered advancers 96 to 70, with 34 unchanged, on volume of 1.617 billion shares worth ₱16.201 billion.
The peso also softened. Spot USD/PHP closed at ₱62.749 from ₱62.73 on Thursday, after dipping to about ₱62.777 intraday. RCBC chief economist Michael Ricafort pointed to the Federal Reserve’s latest 0.25-percentage-point rate hike and still-elevated US Treasury yields, which he said lifted the dollar’s relative attractiveness.
Domestic caution added to the drag. Regina Capital Development Corporation’s Luis Limlingan flagged wariness ahead of expected fuel price increases next week — oil-industry sources cited by local coverage put gasoline up roughly ₱4.50–₱5.00 per liter and diesel about ₱10.00–₱10.50 per liter. Sectorally, financials fell 0.53%, industrials 0.56%, holding firms 2.45%, property 1.55%, and services 2.53%; mining and oil rose 1.65%.
The regional contrast was sharp. A The Star / Reuters wrap said MSCI emerging Asia was up as much as 1.7%, with KOSPI gains of up to 2.8% and TAIEX about 1.7%, while the Philippines gave up nearly 1.2% to that fourteen-week low; Thailand gained about 0.6% and Jakarta slipped roughly 0.9%.
Bottom line: Manila’s selloff was a local story inside a chip-friendly Asia session — Fed-driven dollar support, a weaker peso, and next week’s fuel-hike overhang outweighed the regional semiconductor bounce.
— WWC NEWSDESK
