MANILA, Philippines — Local stocks fell on Wednesday as higher oil prices and a weakening peso stoked inflation concerns, while elevated treasury yields dampened demand for equities.
The benchmark Philippine Stock Exchange Index (PSEi) slid 1.87 percent, or 107.64 points, to close at 5,653.55.
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Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the index hovered near two-week lows and its lowest level since Nov. 14, 2025.
Brokerage Philstocks Financial Inc. attributed the decline to worries over the inflation outlook as investors assessed rising energy costs and the peso’s continued weakness.
Philstocks said renewed Houthi attacks on a Saudi Arabian refinery pushed global oil prices higher.
Meanwhile, the peso reached P64 against the US dollar, adding to concerns over price pressures.
Higher oil prices and a weaker currency can make imported fuel more expensive, potentially raising costs for businesses and consumers.
Elevated long-term treasury yields also made stocks less attractive, Philstocks said, giving investors another reason to hold back on equities.
Luis Limlingan, head of sales at Regina Capital Development Corp., also said the local bourse retreated in today’s session as investors took profits after yesterday’s gains.
“Persistent concerns over the peso’s depreciation weighed on investor sentiment, limiting buying interest and keeping the market under pressure,” Limlingan said.
READ: Peso continues freefall, from 63-64:$1 in 8 days
Losses spread across nearly all sectors. Services suffered the steepest decline at 2.95 percent, while mining and oil bucked the downturn with a 0.41-percent gain.
Among index stocks, Monde Nissin Corp. posted the strongest performance, rising 3.33 percent despite the broader selloff.
Bank of the Philippine Islands was the biggest index decliner, shedding 5.05 percent. /pai