Philippine shares sink to 6,200 range as peso revisits record low

PHILIPPINE SHARES closed lower for a second straight day on Wednesday, dragging the main index back to the 6,200 range, as players booked gains and became increasingly cautious after the peso returned to its record low, BusinessWorld reported.

The Philippine Stock Exchange index (PSEi) sank by 1.04% or 65.95 points to close at 6,267.85, while the broader all-shares index also declined. Market participants attributed the drop to profit-taking and concerns over the currency's weakness, which weighed on investor sentiment.

Analysts noted that the peso's slide to its previous record low against the US dollar fueled uncertainty, prompting traders to reduce exposure ahead of potential monetary policy moves. The decline extended losses from the previous session, with the PSEi now down for the week.