PSEi down, peso sideways on Friday

Business & Finance

The Philippine Stock Exchange index (PSEi) shed for four straight days, closing this week’s trading 2.34 percent lower.

PSEi ended Friday losing 153.13 points to 6,379.17, with all shares down by 1.7 percent (59.81 points) to 3,457.40.

“Philippine shares extended their losses as investors gauged the Fed’s next move given the latest inflation data. Fresh PPI (producer price index) data, which measures prices at the wholesale level, jumped 11 percent year-on-year,” Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan said.

For the past four days, the local bourse lost 380.73 points.

All sectors, except for Property that grew 0.23 percent (6.65 points), reduced their shares ranging from 1.62 to 4.3 percent.

The biggest loser for the day was Holding Firms, down by 263.18 points to 5,855.81. This was followed by Mining and Oil, down by 223.44 points to 10,749.61; Industrial, down by 146.88 points to 8,932.49; Financials, down by 37.52 points to 1,537.17; and Services, down by 31.75 points to 1,836.75.

Decliners outnumbered gainers at 126 to 68, with 41 firms ending this day’s trading unchanged.

Meanwhile, the Philippine peso closed the week sideways at 52.45 to a US dollar from Thursday’s closing of 52.50.

The currency pair opened the day weak at 52.43 from the previous kick off rate of 52.28 to a dollar.

The peso and the dollar traded between 52.39 and 52.48, bringing the average level for the day at 52.43.

The total volume traded on Friday was lower at USD978.4 million from Thursday’s volume of USD1.08 billion.

Source: Philippines News Agency

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