The benchmark PSEi slipped just 0.61 percent to 6,018.62.
It was a relative outperformer amid sharper declines across the region, with Japan’s Nikkei 225 down 3.38 percent, South Korea’s KOSPI falling 2.73 percent, Hong Kong’s Hang Seng losing 2.02 percent, and India’s Sensex dropping 2.79 percent.
Even broader gauges such as the Asia Dow fell 3.17 percent, underscoring the scale of the selloff across major markets.
Meanwhile, oil prices rose after fresh attacks on Middle East energy infrastructure, while fading expectations of US rate cuts weighed on sentiment globally.
Capital outflows continue
The peso later closed at a record 60.10 against the dollar after the Federal Reserve kept rates steady, contrasting with the relative resilience seen in Philippine equities.
“The peso's breach to new lows was mainly driven by the continuous capital outflows from emerging markets back to the safe-haven dollar brought by the ongoing Middle East tensions,” said Shawn Atienza, research analyst at AP Securities.
Tycoon Sy-Coson watching peso closely
Two days earlier, tycoon Teresita Sy-Coson, vice chair of conglomerate SM Investments Corp., warned that a weaker peso could add to inflation and dampen investor sentiment.
“I think prices will be higher on top of oil prices, and maybe foreign investors may not look so kindly upon us because of the peso exchange rate,” she said in a televised interview with Bloomberg.
Active stocks
Trading was led by International Container Terminal Services Inc. at P700, down 0.28 percent; Bank of the Philippine Islands at P99, down 1.98 percent; BDO Unibank Inc. at P121.50, up 1.84 percent; Ayala Land Inc. at P18.28, down 0.11 percent; and Metropolitan Bank & Trust Co. at P64.35, down 2.20 percent.
—Edited by Miguel R. Camus
