PSEi, peso slash gains on Friday

Business & Finance

The Philippine Stock Exchange index (PSEi) and peso closed this week both shedding their gains from the previous day’s trading as investors look ahead to April jobs data.

The PSEi ended Friday logging its second worst trading this year at 6,759.90, slashing by 1.59 percent to 109.02 points.

All shares were down by 1.13 percent or 41.46 points to 3,621.70.

All counters ended lower except for Services, which slightly gained by 0.47 percent or 9 points to 1,916.91.

After gaining big-time in the previous day, Mining and Oil shares lost 162.15 points—the biggest loser on Friday—to 11,607.42.

This was followed by Industrial, down by 148.07 points to 9,336.09; Holding Firms, down by 124.33 points to 6,271.66; Property, down by 89.09 points to 3,072.82; and Financials, down by 17.12 points to 1,612.31.

“Philippine shares succumbed to yet another tech sell-off, erasing the prior day’s rally,” Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan said.

Limlingan added that PSEi performance at the end of the week follows the trading of major bourses in the world, which experienced selling pressure after the previous day’s gains.

Dow Jones Industrial Average plummeted by 1,000 points, S&P500 logged one of the worst trading days for 2022, and Nasdaq registered one of its worst performances since 2020.

Decliners outnumbered advancers at 107 to 60, while 61 listed firms ended the day with no change.

Meanwhile, the Philippine peso weakened by 11 centavos against a U.S. dollar on Friday, offsetting its gains from the previous day.

The peso ended Friday at 52.50 to a dollar from Thursday’s closing of 52.39.

It already opened the day weaker at 52.48 from last day’s opening rate at 52.38

The currency pair traded between 52.44 and 52.50, bringing the average rate for the day at 52.49 to a dollar.

Volume of trade further slowed down to USD878.5 million from Thursday’s volume amounting to USD907.5 million.

Source: Philippines News Agency

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