The Philippine Stock Exchange Index (PSEi) closed lower for a second consecutive session on Wednesday, retreating to the 6,200 level as market participants booked profits and adopted a more cautious stance.
The pullback follows a brief rally earlier in the week that had pushed the benchmark past the 6,200 mark, driven by anticipation of positive macroeconomic data releases scheduled for later in the week.
The reversal was largely triggered by the Philippine peso returning to its record low against the US dollar.
The currency's depreciation has heightened concerns among investors, overshadowing the earlier optimism and prompting a shift toward risk-off positioning.
The peso's weakness serves as a headwind for equities, particularly for companies with significant foreign currency exposure or import-dependent cost structures.
This development marks a sharp contrast to Monday's trading session, where buying interest had surged as traders positioned for favorable economic indicators.