Cabinet shakeup drags PSEi close to 6,300 barrier
PSEi closing May 22, 2025
MANILA, Philippines — The local stock barometer tumbled dangerously close to the 6,300 barrier on Thursday as investors took caution over President Marcos’ order for the courtesy resignation of his Cabinet officials.
By the end of the session, the main share Philippine Stock Exchange Index (PSEi) slipped by 1.1 percent, or 69.98 points, to close at 6,305.57.
Likewise, the broader All Shares Index shed 0.8 percent, or 29.76 points, to 3,708.18.
A total of 572.35 million shares worth P6.4 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders became more anxious after Mr. Marcos had called on his Cabinet appointees to resign right before the market opened.
READ: LIST: Cabinet members who resigned or vowed to resign
According to Limlingan, investors were already worried over the Philippines’ balance of payments swinging to a deficit in April, and the President’s latest restructuring move fanned the flames.
Political jitters
READ: Marcos economic team clears way for Cabinet revamp
Wendy Estacio-Cruz, research head at Unicapital Securities Inc., said Mr. Marcos’ directive would most likely be perceived as “political instability given uncertainties.”
Property firms had the steepest decline as both Ayala Land Inc. (ALI) and SM Prime Holdings Inc. closed lower.
Bank of the Philippine Islands was the most actively traded stock as it shed 0.51 percent to P136, followed by: Metropolitan Bank and Trust Co., down 3.12 percent to P72.95; International Container Terminal Services Inc., down 0.05 percent to P400; BDO Unibank Inc., up 0.32 percent to P158.50; and ALI, down 1.74 percent to P22.60 each.
Others were: Universal Robina Corp., down 3.58 percent to P83.50; Emperador Inc., up 1.02 percent to P13.80; SM Prime, down 1.52 percent to P22.70; PLDT Inc., down 3.11 percent to P1,215; and DigiPlus Interactive Corp., down 1.73 percent to P48.30.
Losers overpowered gainers, 112 to 66, while 57 companies closed flat, stock exchange data also showed.
