PHILIPPINE STOCKS closed lower for a fourth straight day on Tuesday as the market reacted to President Ferdinand R. Marcos, Jr.’s State of the Nation Address (SONA).
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.85% or 54.33 points to close at 6,325.42, while the broader all shares index fell by 0.35% or 13.41 points to 3,780.08.
“The local market extended its decline as investors digested Mr. Marcos’ latest SONA,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Investors expressed dismay as some of the most pressing issues currently were not mentioned in the SONA including online gaming regulations, US-Philippines trade relations, and fiscal consolidation plans.”
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