Index back below 6,000 level

February 18, 2025 | 12:00am

MANILA, Philippines — The local stock market opened the week in the red zone, falling below the 6,000-level anew as investors maintained a cautious stance given prevailing concerns locally and overseas.

The benchmark Philippine Stock Exchange index plummeted by 1.12 percent or 67.85 points, finishing yesterday’s session at 5,993.48.

The broader All Shares index was also in the negative territory, declining by 0.50 percent or 18.12 points to 3,611.16.

“The local bourse extended its decline as investors continue to deal with the uncertainties on the global economy caused by the US’ recent tariff moves,” Philstocks Financial research manager Japhet Tantiangco said.

Tantiangco said that investors are also concerned with the pace of the Bangko Sentral ng Pilipinas’ policy easing following its pause in their latest meeting last week.

RCBC chief economist Michael Ricafort said the PSEi declined for the second straight trading day on continued market disappointment after the pause in policy rates as against the expectations of a 25-basis-points rate cut priced in by the markets beforehand.

Net value turnover stood at P4.72 billion. Foreigners were net sellers with net outflows at P991.98 million.

Most counters were down, with the property index suffering the biggest drop at 3.06 percent, followed by holding firms which shed 2.54 percent.

Mining and oil and services, meanwhile, rose by 2.7 percent and 0.51 percent, respectively.

Market breadth was negative as decliners beat advancers, 114 to 74, while 61 issues were unchanged.

ICTSI was the most actively traded stock, rising by 1.51 percent to P350 per share, followed by Ayala Land which fell by 3.66 percent to P22.40.

Among the index members, DMCI Holdings recorded the highest jump at 4.53 percent, while SM Prime Holdings lost the most at five percent.