The Philippine Stock Exchange index (PSEi) started the week lower as investors took profits from recent gains, as expected.
The main index dropped 26.89 points, or 0.42 percent, to close at 6,437.78 on Monday, Jan. 19. Banks led the retreat, although the services sector advanced, while the industrial sector held its ground.
Volume also decreased to 2.25 billion shares worth ₱5.19 billion. Losers outnumbered gainers—112 to 87, with 67 unchanged.
“The PSEi ended lower to start the week, weighed down by late-session selling. Profit-taking persisted as investors continued to lock in gains,” said Regina Capital Development Corp. managing director Luis Limlingan.
He noted that “market sentiment remained cautious, with the index still trading at overbought levels.”
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market fell as investors booked gains on the final minutes of the trading day following a four-week rally.”
“Concerns over the United States’ (US) tariff threats to selected European countries to get Greenland also dampened sentiment. Finally, the peso’s weakness against the US dollar weighed on the market,” he added.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi corrected slightly lower for the second straight trading day after the impeachment complaint filed versus President Ferdinand R. Marcos Jr. at the House of Representatives, while the exchange rate approached a record low level.
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