PSEi dips after Marcos Jr.'s SONA

The Philippine Stock Exchange index (PSEi) closed lower on Tuesday, shedding 0.85 percent to end at 6,325.42, as investor sentiment soured following President Ferdinand Marcos Jr.'s State of the Nation Address (SONA).

Market participants reacted with disappointment over the President's omission of key concerns such as online gaming regulations, the trajectory of US-Philippine trade relations, and fiscal consolidation efforts.

The persistent depreciation of the peso also dampened sentiment, closing at P57.31 against the US dollar from Monday's P57.20.

Foreign investors were net sellers, registering net outflows of P429.15 million.

Only the property sector posted gains, inching up by 0.04 percent, while the Services sector suffered the steepest drop, plunging 2.02 percent.

Decliners outnumbered advancers, 117 to 70.