Market remains resilient amid economic anticipation

The Philippine Stock Exchange index (PSEi) held close to one-month highs on Wednesday, signaling continued market resilience as investors await the release of June inflation data.

The PSEi dipped slightly by 0.07 percent, or 4.76 points, to close at 6,419.05—its fourth straight session of closing above 6,400. The broader All Shares index eased by 0.06 percent to 3,796.91 points, reflecting modest investor repositioning.

Sectoral performance was mixed, with Property and Industrial sectors advancing by 0.60 percent and 0.47 percent, respectively, on the back of strong real estate sentiment. Holding Firms also posted marginal gains. Meanwhile, Mining and Oil, Financials, and Services saw minor corrections.

Total trade reached PHP7.77 billion from 792.5 million shares, while market sentiment remained balanced with 111 decliners, 76 advancers, and 67 unchanged.

Rizal Commercial Banking Corp. Chief Economist Michael Ricafort noted that despite the minor correction, the market remained upbeat, reflecting confidence in the country’s economic fundamentals.

"The PSEi is sustaining its momentum near its recent highs as investors look forward to key data releases and possible catalysts from inflation easing and steady monetary policy," Ricafort said.

On the currency front, the Philippine peso remained stable, closing at 56.365 to the US dollar—virtually unchanged from the previous day’s 56.30. The peso traded within a narrow range between 56.26 and 56.42, with an average of 56.34.

Trading volume in the foreign exchange market stood at USD1.59 billion, slightly down from USD1.97 billion on Tuesday, suggesting cautious optimism ahead of local and global economic indicators.

Investors are closely watching Friday’s inflation announcement by the Philippine Statistics Authority, which is expected to provide direction for monetary policy and help shape sentiment for the second half of the year.