Philippine financial markets could face choppy trading ahead as investors weigh technical resistance levels in equities against fresh pressure on the peso from global risks, including elevated oil prices.
The benchmark Philippine Stock Exchange Index slipped for a second straight session on March 13, falling 54.64 points, or 0.9 percent, to close at 6,058.94. The composite PSEi is now hovering near its lowest level in more than two and a half months after retreating from the recent peak of 6,673.61 reached on Feb. 26.
For the week, the market slid 4.1 percent as foreign investors continued to trim exposure to emerging markets.
According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp., the next few sessions will test whether the market can regain momentum after the recent pullback.
“The next minor resistance levels for the PSEi are seen at 6,200 to 6,220, while the immediate major resistance is at 6,305 to 6,390 levels,” Ricafort said. A sustained break above those levels could reopen the path toward a retest of February’s high.
For now, the key psychological support remains at 6,000—a level that has helped preserve the broader uptrend since the market bottomed at 5,584.35 in November 2025.
Currency markets, however, are flashing caution.
The Philippine peso recently slid to a record closing low of 59.735 against the US dollar,
underscoring the impact of global dollar strength and rising energy costs on import-dependent economies.
Ricafort said USD could again test the P59.75 level if global oil prices stay elevated, with immediate support range seen at P58.85 to P59.20 and stronger support at P58.30 to P58.60.
Still, the country’s ample foreign exchange buffers could help steady the currency. Ricafort noted that robust international reserves and potential intervention by the Bangko Sentral ng Pilipinas may temper excessive volatility.
For investors, the near-term playbook is to watch the charts—and the oil market.
